newsfilter
← Latest News
Business Wire·

Loews Corporation Reports Net Income of $242 Million for the First Quarter of 2013

NEW YORK--(BUSINESS WIRE)--Loews Corporation (NYSE:L) today reported net income for the 2013 first quarter of $242 million, or $0.62 per share, compared to $367 million, or $0.92 per share, in the 2012 first quarter. Net income in the first quarter of 2013 includes an after tax ceiling test impairment charge of $92 million at HighMount Exploration & Production LLC related to the carrying value of its natural gas and oil properties as compared to an impairment charge of $28 million in the prior year quarter. Excluding these non-cash impairment charges, net income (non-GAAP) was $334 million in the 2013 first quarter as compared to $395 million in the 2012 first quarter.