Loews Posts Drop in Profit
Revenue slides as well.
Loews
(LTR)
reported a fall in first-quarter profit, hampered in part by a drop in revenue.
Earnings, which included certain charges, were $190 million, or 87 cents a share, compared with $212.8 million, or $1.02 a share, in the first quarter of 2002.
Revenue was $3.95 billion, down from last year's $4.8 billion.
Loews said income attributable to
Carolina Group
(CG) - Get Report
was $28.6 million, or 72 cents a share. Carolina Group is a tracking stock for Loews' tobacco operations.
Shares of New York-based Loews were down 1.5% at $41.52 Thursday afternoon. The company controls insurer CNA Financial,
Diamond Offshore Drilling
(DO) - Get Report
and Lorillard, a cigarette maker.
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