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) 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) and Lorillard, a cigarette maker.