Loews Q1 Profit Falls On Lower Revenues From CNA Financial, Lorillard..

April 29, 2008 - (Both companies are principal subsidiaries of Loews Corporation.) The company also said that Carolina Group's (CG - the tracking stock for Lowes' cigarette stake) first-quarter net income declined on higher expenses related to the proposed spin-off of Lorillard, and lower investment income. Lorillard, declined to $171 million from last year's $189 million. (Regarding the spinoff - completion of the proposed transaction is subject to a number of conditions, the company noted.) Lorillard Tobacco shipped 8,561,689,000 cigarettes during the three months to the end of March, marginally fewer than the 8,577,344,000 shipped during the first quarter of 2007. Shipments of full price brands were down from 7,960,182,000 during the first three months of 2007 to 7,847,719,000, while shipments of price/value brands were up from 427,070,000 to 567,504,000. Shipments of Lorillard’s full-price Newport brand were down from 7,731,573,000 to 7,650,379,000, while shipments of its price/value Maverick brand were up from 278,118,000 to 440,508,000. References: Lorillard shipments down marginally in first quarter; April 29, 2008; Loews Q1 Profit Falls On Lower Revenues From CNA Financial, Lorillard - Update [LTR]", April 29, 2008.