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Lorillard Blows Smoke At Recession

The addictive draw of cheap cigarettes has trumped the frugal mentality of recession-ridden consumers as evidenced by the fourth-quarter earnings of Lorillard. The Greensboro, N.C.-based cigarette maker announced Monday morning that earnings and sales beat expectations for the quarter despite an overall shrinking pool of smokers. Lorillard managed to gain market share, with shipping volumes up 8.2% during quarter, while industry-wide shipments were down 3.3%.

It looks like smokers are still willing to shell out top dollar to light up. Lorillard (nyse: LO - news - people ), which makes brands like Newport, Kent, True and Maverick, was able to raise prices even in the current economic circumstances.

"We are pleased with our results for the fourth quarter and full-year 2008, which can be attributed to our strong operating performance and strides made growing our market share," said Chief Executive Martin Orlowsky. "Despite the obvious difficulties in the macroeconomic environment, Lorillard continues to reap the benefits of our core strategies and we believe that we are well positioned to continue to manage through an uncertain environment going forward."

Shares of the cigarette maker gained 2.6%, or $1.59, to $63.85, in late-morning trading on Monday.

Lorillard earnings rose to $258.0 million, or $1.53 a share, in the fourth quarter, compared with $213.0 million, or $1.23 a share, in the year-prior period. Revenues gained 13.7% to $1.1 billion. Analysts surveyed by Thomson Financial had expected, on average, earnings of 41.37 per share on revenues of $934.7 million.

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The term cigarettes, as normally employed, refers to a tobacco cigarette, but can be utilized like devices holding in other herbaceous plants, such as eugenia caryophyllatums. A cigarette is differentiated from a cigar by its modest sizing, utilization of treated leafage, and paper wrap, which is usually white hot, though other coloring materials are sometimes usable. Cigars are mostly compiled totally of whole-leaf tobacco plant.

Rates of cheap smokes changes widely, and have altered substantially over the course of human history since cigarettes were 1st wide used in the mid-19th century. While rates of smoke have over time leveled off or turned down in the highly developed world, they continue to up-rise in evolving states. Nicotine, the main psychotropic chemical substance in baccy and therefore cigarettes, has been shown to be psychologically habit forming, although it does not generate a physiologic addiction.

Cheap cigarettes usage by pregnant women has also been shown to stimulate birth defects, including mental and physical disabilities.

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