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Leucadia National Q1 Profit Soars

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5/4/2012 5:34 PM ET

Leucadia National Corp. (LUK: Quote) reported net income for the first quarter of $490.9 million or $1.97 per share, compared to $10.5 million or $0.04 per share for the year-ago quarter.

Revenue and other income for the first quarter jumped to $2.42 billion from $284.03 million a year earlier.

Beef processing services revenue for the quarter was $1.79 billion and constituted the major chunk of the company's total revenue for the quarter. Manufacturing revenue for the quarter fell to $61.7 million from $63.8 million a year ago, while oil and gas drilling services revenue rose to $37.3 million from $30.9 million last year. Gaming entertainment revenue for the quarter edged up to $32.1 million from $30.8 million a year earlier.

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by RTT Staff Writer

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