Loews Reports Q4 Loss
Loews came in with a quarterly loss, as revealed in its Q4 and 2012 results. Q4 saw a bottom-line loss of $32 million ($0.08 per diluted share), as opposed to the $271 million ($0.68) it posted in Q4 2011. Revenue was $3.7 billion, up from the year-ago quarter's $3.5 billion.
The company attributed much of the shortfall to losses at CNA , the insurance company it controls and the entity that typically provides nearly two-thirds of Loews' revenue. CNA booked catastrophe losses of $171 million during the quarter in the wake of Hurricane Sandy. In addition, Loews' natural gas unit HighMount booked a $97 million charge in Q4.
For the full year, Loews posted $568 million in net profit ($1.43 per share), which was down significantly from the $1.1 billion ($2.62) it netted in 2011. Revenue was $14.5 billion, up from the previous year's $14.2 billion.
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