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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