Lorillard Inc. ( LO ) delivered third quarter 2012 adjusted earnings (excluding expenses incurred in conjunction with the acquisition of blu ecigs) of $2.17 per share, which exceeded the prior-year quarterly earnings of $1.94 per share by 11.9%. The results benefited from higher sales and a lower share count, owing to the company's buyback program. However, results lagged the Zacks Consensus Estimate of $2.24 per share. Quarter in Detail Net sales in the reported quarter went up 2.4% year over year to $1.66 billion on the back of higher cigarette pricing offsetting lower cigarette volumes. Revenue surpassed the Zacks Consensus Estimate of $1.21 billion. Total wholesale cigarette volume decreased 2.1% in the third quarter including Puerto Rico and U.S. shipments, while total domestic wholesale shipments excluding Puerto Rico and U.S. Possessions slipped 2.1% year over year.