LOEWS CORPORATION (NYSE:L) Files An 8-K Results of Operations and Financial Condition
Item2.02
| Results of Operations and Financial Condition. |
Loews Corporation (the Company) is furnishing this Current Report
on Form 8-K/A as Amendment No.1 to its Current Report on Form 8-K
originally furnished to the Securities and Exchange Commission
(the SEC) on February6, 2017. The purpose of this Amendment No.1
is to announce revised financial results for the quarter and year
ended December31, 2016.
On February13, 2017, Diamond Offshore Drilling, Inc. (Diamond
Offshore), a 53% owned subsidiary of the Company announced it has
revised its previously announced preliminary earnings for the
quarter and year ended December31, 2016. The revision resulted
from Diamond Offshores discovery during the process of completing
its year-end financial reporting process that its liability for
uncertain tax positions, in certain foreign jurisdictions, did
not appropriately reflect changes in foreign exchange rates. The
majority of the impact was related to the devaluation of the
Egyptian Pound which occurred primarily in the fourth quarter of
2016. As a result of that revision, the Companys previously
reported net income and book value per share have also been
revised as follows:
| December31, | ||||||||||||||||
| Three Months | Years Ended | |||||||||||||||
|
(In millions, except per share data) |
||||||||||||||||
|
Net income as previously reported |
$ | $ | (201 | ) | $ | $ | ||||||||||
|
Net income as revised |
(201 | ) | ||||||||||||||
|
Net income (loss) per share as previously reported |
$ | 0.79 | $ | (0.58 | ) | $ | 1.87 | $ | 0.72 | |||||||
|
Net income (loss) per share as revised |
$ | 0.86 | $ | (0.58 | ) | $ | 1.93 | $ | 0.72 | |||||||
| December31, | ||||||||
|
Book value per share as previously reported |
$ | 53.89 | $ | 51.67 | ||||
|
Book value per share excluding AOCI as previously reported |
54.56 | 52.72 | ||||||
|
Bookvaluepershareasrevised |
$ | 53.96 | $ | 51.67 | ||||
|
Book value per share excluding AOCI as revised |
54.62 | 52.72 |
The information under Item 2.02 of this Form 8-K/A is being
furnished and shall not be deemed filed for the purpose of
Section18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section. The
information under Item 2.02 in this Current Report shall not be
incorporated by reference into any registration statement or
other document to the Securities Act of 1933, as amended.
2
About LOEWS CORPORATION (NYSE:L)
Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas, and operation of a chain of hotels. The Company’s subsidiaries include CNA Financial Corporation (CNA); Diamond Offshore Drilling, Inc. (Diamond Offshore); Boardwalk Pipeline Partners, LP (Boardwalk Pipeline), and Loews Hotels Holding Corporation (Loews Hotels). CNA’s insurance products include commercial property and casualty coverages, including surety. CNA’s services include risk management, information services, warranty and claims administration. Diamond Offshore is engaged, through its subsidiaries, in the business of operating drilling rigs that are chartered on a contract basis for fixed terms by companies engaged in the exploration and production of hydrocarbons. LOEWS CORPORATION (NYSE:L) Recent Trading Information
LOEWS CORPORATION (NYSE:L) closed its last trading session up +0.24 at 46.48 with 820,255 shares trading hands.