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
Boeing (BA) Q3 2024 Earnings: Key financials and quarterly highlights
The Boeing Company (NYSE: BA) reported its third quarter 2024 earnings results today. Revenues dipped 1% year-over-year to $17.8 billion. Net loss attributable to Boeing shareholders was $6.17 billion, or
KO Earnings: Coca-Cola Q3 adjusted profit rises and beats Street view
Soft drink giant The Coca-Cola Company (NYSE: KO) reported an increase in adjusted earnings for the third quarter of 2024. Earnings also exceeded analysts’ estimates. Earnings, adjusted for special items,
T Earnings: All you need to know about AT&T’s Q3 2024 earnings results
AT&T Inc. (NYSE: T) reported its third quarter 2024 earnings results today. Revenues totaled $30.2 billion versus $30.4 billion in the year-ago quarter. Net loss attributable to common stock was
