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Loews Posts Lower Q3 Profit

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Loews Corporation (NYSE: L) reported a decline in its earnings for the third quarter on Monday.

The New York-based company posted quarterly net income of $182 million, or $0.50 per share, compared to $208 million, or $0.55 per share, in the year-ago period. Analysts were estimating a profit of $0.69 per share.

Its total revenue shrank to $3.17 billion for the quarter.

Income from continuing operations climbed to $0.50 per share in the quarter, from $0.47 per share.

For the nine months ended September 30, 2015, the company's net income gained to $461 million, or $1.25 per share, versus $383 million, or $1.00 per share, in the year-ago period.

At September 30, 2015, book value per share, excluding accumulated other comprehensive income, surged to $52.59, compared to $50.32 at September 30, 2014.

During the three months ended September 30, 2015, Loews repurchased 8.7 million shares of its common stock at an aggregate cost of $328 million.

Loews shares fell 0.92 percent to close at $36.46 on Friday.

 

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