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 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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