UPDATE: Loews Reports Downbeat Q1 Profit; Shares Drop In Pre-Market Trading

Loews Corp L reported a weaker-than-expected quarterly profit. The company reported its Q1 net income attributable to the company at $382 million, or $0.92 per share, down from $420 million, or $0.99 per share, in the year-earlier period. The company's earnings, excluding investment gains and losses, came in at $0.89 per share. missing analysts' estimates of $0.91 per share. The company's revenue from Diamond Offshore dropped 6% to $809 million. The company's contract drilling revenue declined to $789 million from $844 million. The company's total revenue dropped to $3.67 billion. Loews shares fell 4.84% to $42.12 in pre-market trading. Read more from Benzinga's Company news.