Loews Corporation (L) 2Q16 Loss of $65MM

Loews Corporation (L) reported a 2Q16 loss of $65MM or $0.19 per share, compared to a profit of $170MM or $0.46 per share last year, due to $680MM asset impairment charge at Diamond Offshore related to carrying value of 8 drilling rigs. Revenues fell to $3.31Bil from $3.44Bil. Results for 2Q16 declined by $235MM from last year. This decrease was due to an asset impairment charge at Diamond Offshore partially offset by higher earnings at CNA Financial Corp. and improved results from the parent company investment portfolio due to higher income from equity securities.

For more updates check http://ift.tt/2aJO309

Submitted August 01, 2016 at 12:23PM by jeffery89 http://ift.tt/2amwpMz