Loews earnings rise, but revenue falls as investment income swings to negative due to rise in interest rates
Loews Corp. reported Monday net income that rose from a year ago but revenue and book value per share that fell, as lower net unrealized investment gains resulted from the rise in interest rates. Net income increased to $338 million, or $1.36 a share, from $261 million, or 97 cents a share, in the year-ago period, as the diversified company said its CNA Financial, Boardwalk Pipelines and Loews Hotels businesses all saw earnings rise. Revenue fell 6.1% to $3.40 billion, as its three businesses all grew revenue but investment income was a loss of $16 million versus a gain of $327 million a year ago. There were not analysts covering the company to provide estimates for results, according to FactSet. Book value per share fell to $67.27 from $71.84. Separately, the company said it spent $129 million to repurchase shares during the quarter. The stock, which was still inactive in premarket trading, has gained 8.8% year to date while the SP 500 has lost 13.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
Loews earnings rise, but revenue falls as investment income swings to negative due to rise in interest rates
Loews Corp. reported Monday net income that rose from a year ago but revenue and book value per share that fell, as lower net unrealized investment gains resulted from the rise in interest rates. Net income increased to $338 million, or $1.36 a share, from $261 million, or 97 cents a share, in the year-ago period, as the diversified company said its CNA Financial, Boardwalk Pipelines and Loews Hotels businesses all saw earnings rise. Revenue fell 6.1% to $3.40 billion, as its three businesses all grew revenue but investment income was a loss of $16 million versus a gain of $327 million a year ago. There were not analysts covering the company to provide estimates for results, according to FactSet. Book value per share fell to $67.27 from $71.84. Separately, the company said it spent $129 million to repurchase shares during the quarter. The stock, which was still inactive in premarket trading, has gained 8.8% year to date while the SP 500 has lost 13.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.