What's Going On With Insurance Company Loews' Shares Monday?

Zinger Key Points
  • Loews reports strong first-quarter FY24 results, with net income up 22% YoY to $457 million and EPS of $2.05.
  • Revenue growth across segments, including CNA Financial Corp and Boardwalk Pipelines, contributes to the positive performance.

Loews Corp L reported first-quarter FY24 net income of $457 million, up 22% Y/Y. EPS of $2.05 was higher than the year-ago figure of $1.61.

Revenues were $4.23 billion, higher than $3.78 billion a year ago.

CNA Financial Corp CNA revenue contribution increased to $3.44 billion from $3.15 billion a year ago, and net income rose to $310 million from $268 million a year ago.

CNA’s net income benefited from higher net investment income and favorable net prior-year loss reserve development.

Boardwalk Pipelines segment’s revenues rose to $517 million from $397 million in the year-ago quarter, and net income rose to $121 million from $86 million the prior year. 

Broadway Pipelines benefitted from higher revenues from re-contracting at higher rates and recently completed growth projects.

Loews Hotels’ revenues rose to $216 million from $192 million a year ago, while net income declined to $16 million from $24 million a year ago owing to lower equity income from joint ventures on decreased overall occupancy rates in Orlando.

As of March-end, the company had $3.2 billion in cash and investments and $1.8 billion in debt.

Loews repurchased 0.9 million shares for $67 million in the quarter. As of the first quarter’s end, 222.1 million common shares remained outstanding.

Investors can gain exposure to the stock via Absolute Select Value ETF ABEQ and Democratic Large Cap Core ETF DEMZ.

Price Action: L shares are up 0.13% at $76.50 premarket at the last check Monday.

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: EquitiesLarge CapMoversBriefsStories That Matterwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!