WASHINGTON (dpa-AFX) - Loews Corp. (L) reported that its first-quarter net income attributable to the company declined to $367 million, from $379 million in the 2011 first quarter. The decrease in net income was due to lower earnings at Diamond Offshore Drilling, Inc. and HighMount Exploration & Production LLC. These decreases were partially offset by higher earnings at CNA Financial Corporation and increased parent company investment income.
Earnings per share for the quarter was $0.92, unchanged from last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose to $3.74 billion from $3.67 billion in the prior year quarter.
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