logo
  Join        Login             Stock Quote

Loews (L) Reports 4Q Loss On Catastrophe Losses, Charges

 February 11, 2013 06:50 AM
 


(By Balachander) Loews Corp. (NYSE: L) posted a quarterly loss due to higher catastrophe losses and charges at the financial and energy services company's subsidiaries.

Net loss was $32 million or $0.08 per share for the fourth quarter, compared with earnings of $271 million or $0.68 per share in the comparable period of last year. On a non-GAAP basis, earnings were $236 million.

Fourth-quarter loss included catastrophe losses of $171 million at the company's CNA Financial Corp. (CNA) subsidiary and the after tax ceiling test impairment charge of $97 million at HighMount Exploration & Production subsidiary.

[Related -How To Supply Your Portfolio With Outperforming Stocks]

Revenue increased 6.3 percent to $3.70 billion as net investment inched up nearly 1 percent. Insurance premiums grew 7 percent.

Contract drilling revenue rose 1 percent.

As at Dec. 31, 2012, book value per share was $49.67, up from $47.33 at December 31, 2011. There were 391.8 million shares of Loews common stock outstanding at the end of last year.

New York-based Loews operates primarily as a commercial property and casualty insurance company. It also owns and operates drilling rigs that are used in the drilling of offshore oil and gas wells on a contract basis for companies engaged in exploration and production of hydrocarbons.

The stock, which has been trading between $37.58 and $44.13 over the past year, closed Friday's regular trading at $43.85.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageHow the Chinese Slowdown Will Impact Your Investments

Most countries would find a quarterly growth rate of 7.3% a cause for a read on...

article imageHow To Profit From Foreign Investment In Real Estate

Though investors don't always capitalize on it, history has a way of repeating itself. In fact, when I saw read on...

article imageAnother Round Of Upbeat US Macro Reports

The US economy grew faster than expected in this year’s third quarter, according to this morning’s read on...

article imageDistinguishing The Fed's Securities Purchases From Monetary Expansion

There has been a bit of confusion about what today's FOMC announcement means with respect to Quantitative read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.