Loews profit climbs on insurance, oil services

From Associated Press

Loews Corp., a conglomerate with interests in tobacco and other concerns, said fourth-quarter earnings rose, boosted by results at its offshore drilling and insurance units.

Loews has two classes of common stock. One is a tracking stock meant to reflect the performance of its Carolina Group business, mostly made up of tobacco company Lorillard Inc. Its Loews common stock represents remaining assets.

Net income attributable to Loews common stock rose to $609.4 million, or $1.11 a share, from $46 million, or 8 cents, a year earlier. Net income attributable to Carolina Group stock was $137.1 million, or $1.26 a share, compared with $81.6 million, or $1.11, a year earlier.

Revenue rose 19% to $4.88 billion.