Word: lorillard
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...Lorillard Co., the FTC's new stance seemed springtime fresh. Under the FTC ban on nicotine-tar advertising, Lorillard's Kent, once the runaway leader of the filter pack, has slipped from 11% of the filter market in 1958 to 5.9%, while the company's overall sales have gone from 1963's record $521 million to last year's $479 million. In both its Kent and Newport brands, Lorillard is pretty certain that it can outdo the field in low nicotine and tar content...
...Genesco are so eager to expand that they have set up staffs of their own to search out possible merger mates. They also know that the cigarette manufacturers want to acquire food, beverage or candy firms as a hedge against the cancer scare; last week, for example, P. Lorillard (Kent, Old Gold) bought out San Francisco's Golden Nugget Sweets. They are aware that the oil companies yearn to buy into everything from fertilizers to polypropylene toys, and that the food companies are getting together with the beverage firms. National Biscuit, for example, has decided that things might...
...latest earnings reports are as golden as well-cured burley. American Tobacco, P. Lorillard and Philip Morris broke third-quarter records, and Liggett & Myers is running 27% ahead of last year. The only down note came from the industry leader, R. J. Reynolds (maker of Camel, Winston, Salem), whose profits fell from $35 million to $31 million...
Capricious Tastes. Tobaccomen have not taken the cancer scare as lightly as their customers have. They are branching into different tobacco markets and diversifying into new products. Last week Lorillard hired Consultant Walter M. Aikman, 37, to head a new acquisitions department. Liggett & Myers held a special stockholders' meeting to change bylaws in order to allow diversification, and American Tobacco said it was "seriously studying a number of companies." At the same time, the industry is expanding into the tobacco business in foreign countries, where growth is faster and doctors are quieter. Lorillard is rolling its Kents and Newports...
There were also losers, of course. While American Tobacco and Liggett & Myers forged ahead with sizable earnings increases, Lorillard slipped in nine-month earnings despite a third-quarter gain and R. J. Reynolds suffered a 12% setback in profits. Strikes caused a sharp 71% break in Kennecott's profits, and Chrysler sputtered into a 50% decline because of unusually high changeover costs. These were the exceptions, but the good news contained a dividend of hope for them too. The current quarter, which is usually among the year's most profitable for many corporations, is sure to be even...