Loews Corp. (L) reported a drop in first-quarter 2013 net income attributable to the company to $242 million, or $0.62 per share, from $367 million, or $0.92 per share reported a year back. The company said the recent quarter's results include 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 with an impairment charge of $28 million last year.
Excluding these non-cash impairment charges, non-GAAP net income was $334 million in the 2013 first quarter. Excluding the non-cash ceiling test impairment charges, the decline in net income is chiefly due to reduced parent company investment income as a result of lower performance for the trading portfolio, according to Loews.
The firm clocked total revenues of $3.73 billion in the latest quarter, almost flat with the prior-year period.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.