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Loews Corporation Q1 net income jumped from $59 million to $109 million

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Staff writer ▼ | May 5, 2015
Loews Corporation reported net income for the first quarter ended March 31, 2015 of $109 million, or $0.29 per share, compared to $59 million, or $0.15 per share, in the prior year period.
Loews Corporation
Loews Corporation   $0.29 per share
Net income in 2014 included a loss from discontinued operations of $206 million reflecting the disposition of both HighMount Exploration & Production, LLC and CNA Financial Corporation's annuity and pension deposit business.

Income from continuing operations for the three months ended March 31, 2015 was $109 million, or $0.29 per share, compared to $265 million, or $0.68 per share, in the 2014 first quarter.

Excluding asset impairment charges of $158 million (after tax and noncontrolling interests) in 2015 at Diamond Offshore Drilling, Inc. and $55 million (after tax and noncontrolling interests) in 2014 at Boardwalk Pipeline Partners, LP, income from continuing operations, as adjusted, in 2015 was $267 million as compared to $320 million in the prior year period.

Book value per share excluding accumulated other comprehensive income (AOCI) increased to $51.18 at March 31, 2015 from $50.95 at December 31, 2014 and $49.43 at March 31, 2014.

t March 31, 2015, there were 371.4 million shares of Loews common stock outstanding. During the first quarter of 2015, the company repurchased 1.8 million shares of its common stock at an aggregate cost of $71 million. During the first quarter of 2015, the company also purchased 0.9 million shares of Diamond Offshore's common stock at an aggregate cost of $24 million.

Depending on market conditions, the company may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market or otherwise.


 

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