Loews Corporation (NYSE:L) today reported net income for the 2012 third quarter of $177 million, or $0.45 per share, compared to $162 million, or $0.40 per share, in the 2011 third quarter. Net income for the nine months ended September 30, 2012 was $600 million, or $1.51 per share, compared to $791 million, or $1.94 per share, in the prior year period.
Net income for the three and nine months ended September 30, 2012 includes after tax non-cash ceiling test impairment charges of $166 million and $336 million at HighMount Exploration & Production LLC related to the carrying value of its natural gas and oil properties reflecting declines in natural gas and NGL prices.
Book value per share increased to $50.41 at September 30, 2012 from $47.33 at December 31, 2011 and $47.58 at September 30, 2011.
|(In millions, except per share data)||September 30,|
|Three Months||Nine Months|
|Income before net investment gains (losses) and impairment charges||$||339||$||177||$||901||$||782|
|Non-cash ceiling test impairment charges||(166||)||(336||)|
|Net investment gains (losses)||4||(15||)||35||9|
|Net income attributable to Loews Corporation||$||177||$||162||$||600||$||791|
|Net income per share||$||0.45||$||0.40||$||1.51||$||1.94|
|Book value per share at:|
|September 30, 2012||$||50.41|
|December 31, 2011||47.33|
|September 30, 2011||47.58|
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