We have downgraded our rating on Lorillard, Inc. (NYSE:LO) from Outperform to Neutral on a weaker than expected first quarter 2012 results.
Lorillard’s first quarter 2012 earnings of $1.74 per share lagged the Zacks Consensus Estimate of $1.99 per share due to top-line and margin decline. However, the first quarter earnings surpassed the prior-year quarter earnings of $1.71 per share.
Quarterly revenues declined 0.6% year over year to $1.526 billion, but exceeded the Zacks Consensus Estimate of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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