Categories Earnings, Finance

Earnings: Loews Corp swings to a loss in Q4

Loews Corporation (L) swung to a loss of 53 cents per share in the fourth quarter, driven by catastrophe losses at CNA Financial Corporation. Revenue declined 7.6% to $3.29 billion during the quarter.

In 2018, CNA generated underwriting losses at its core property & casualty business, as compared to underwriting gains in 2017, resulting from higher net catastrophe losses. In Q4, loss from CNA was 75 million, compared to earnings of 193 million last year.

 

Loews stock had ended its last trading session down 0.77% on Friday. In the past one year, the stock has been trading almost flat.

The results were further hurt by a weak Diamond Offshore holding, where net loss increased by $6 million in 2018 due to market headwinds.

At Loews Hotels & Co, net income decreased to $7 million from $40 million during the same period last year, hurt by tax adjustment.

READ: Loews misses Q3 earnings estimate

The New York-based conglomerate said it repurchased an additional 0.9 million shares of its common stock at an aggregate cost of $44 million in fiscal 2018.

 

We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top