Loews Corporation Reports Net Income Of $177 Million, Or $0.45 Per Share, For The Third Quarter Of 2012
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.
CONSOLIDATED HIGHLIGHTS
| (In millions, except per share data) | September 30, | |||||||||||||||||||||
| Three Months | Nine Months | |||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
| 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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