Categories Earnings

Loews beats earnings estimate in 1Q 2018

First quarter earnings of the commercial property and casualty insurance company Loews Corp. (L) topped analysts’ estimates. Despite net income falling slightly to $293 million from $295 million a year ago, EPS rose 2.3% to $0.89. The company, whose shares trailed just above 3% since the start of the year, witnessed an 8.4% year-over-year jump in its revenue to $3.58 billion.

Loews Q1 2018 Earnings

Loews shares inched up 0.5% in the pre-market trading session today. The New-York based company’s results were negatively affected due to lower earnings from its publicly traded subsidiaries; Diamond Offshore Drilling (DO) and Boardwalk Pipeline Partners (BWP).

Diamond Offshore Drilling has been under constant pressure owing to market conditions. The unit witnessed a decline in its earnings to $10 million from $12 million in the first quarter 2017. Boardwalk Pipeline’s earnings declined 2.7% to $36 million due to the revenue impact caused by the restructuring of a firm transportation contract in 2017.

Loews Hotels continue to stay on a growth track, helped by strong operations at its hotel properties, mainly the Loews Miami Beach Hotel. The company recently escaped a 20% restaurant service charge suit. Earnings of this unit jumped to $13 million from $10 million in the prior year period.

The property and casualty insurance unit, CNA Financial (CNA), in which Lowes owns 80% of the stake, has consistently reported strong results. In the recently ended quarter, CNA’s earnings advanced 12% to $261 million helped by improved P&C underwriting results and a lower corporate tax rate. Since the start of the year, CNA witnessed a 7% decline in its shares.

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