UPDATE: Loews Q2 Earnings Beat Street View

Loews Corporation

reported better-than-expected second-quarter earnings. The New York-based company posted quarterly income from continuing operations of $303 million, or $0.79 per share, up from $261 million, or $0.67 per share, in the year-ago quarter. Its income from continuing operations for the six months fell to $568 million, or $1.47 per share, from $583 million, or $1.49 per share. Analysts were expecting earnings of $0.67 per share. Net income attributable to Loews dropped 57% to $116 million, or $0.30 per share, compared to $269 million, or $0.69 per share, in the year-ago period. Loews' quarterly net income included a loss from discontinued operations of $187 million. Its revenue declined to $3.59 billion versus $3.62 billion. Diamond Offshore's profit slipped 52% in the quarter. CNA Financial's net income climbed to $267 million in the quarter. During the quarter, Loews repurchased 3.9 million of its common stock at an aggregate cost of $171 million. Loews shares gained 0.28% to close at $42.25 on Friday.