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UPDATE: Loews Posts Lower Q3 Profit

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Loews (NYSE: L) reported a 26% fall in its third-quarter profit.

The New York-based company's quarterly net income dropped to $208 million, or $0.55 per share, compared to $282 million, or $0.73 per share, in the year-ago period. Its income from continuing operations fell to $0.47 per share, from $0.82 per share. The latest quarter income from continuing operations slipped primarily due to lower earnings at CNA and Diamond Offshore Drilling. On an adjusted basis, the company earned $0.63 per share.

Its total revenue declined around 2% to $3.52 billion in the period. Analysts were expecting earnings of $0.68 per share.

During the quarter, Loews repurchased 5.1 million shares of its common stock at an aggregate cost of $220 million.

Loews shares gained 1.16% to close at $43.60 on Friday.

Posted-In: profitEarnings News

 

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