(GREENSBORO) -- Lorillard Inc. announced earnings for the 4th quarter 2010, posting gains in net sales, net earnings, earnings per share and retail market share. The Greensboro-based cigarette manufacturer says higher retail prices for cigarette products raised it's net income by seven percent in the fourth quarter as it sold more cigarettes.

Lorillard's wholesale shipment volume for the fourth quarter 2010 increased 4.5% compared to the fourth quarter 2009, and net sales increased $699 million to a record $5.932 billion in 2010, compared to $5.233 billion in 2009. Murray S. Kessler, Chairman, President and Chief Executive Officer, said "based on our current strategic review process, which is well under way, I remain confident in the Company's future and its ability to deliver a double digit shareholder return over the long-term."

Lorillard Inc. manufactures Newport, Maverick and True cigarettes.