Loews Posts Improved Q2 Results On Broad Based Growth

Loews Corp (NYSE:L) reported Q2 2023 EPS of $1.58, up from $0.68 a year ago.

Net income increased to $360 million from $167 million in Q2 2022, led by higher net income from its subsidiaries and increased net investment income.

Revenues were $3.93 billion in Q2 2023 compared to $3.39 billion a year ago.

CNA Financial Corp (NYSE:CNA) CNA Segment's revenue contribution increased to $3.30 billion from $2.93 billion a year ago, and net income rose to $255 million from $170 million.

CNA segment benefited from higher net investment income from limited partnerships, common share investments, and fixed-income securities.

Boardwalk Pipelines segment's revenues rose to $365 million from $325 million in Q2 2022, and net income rose to $57 million from $39 million, aided by higher revenues from recently completed growth projects, re-contracting at higher rates, increased utilization-based revenues and improved storage and parking and lending revenues.

Loews Hotels' revenues rose to $254 million from $200 million, and net income rose to $74 million from $44 million a year ago, with a gain of $46 million related to the acquisition of an additional equity interest in Texas asset.

As of June 30, 2023, Loews had cash and investments of $2.5 billion.

Repurchase: Loews repurchased 1.8 million shares for $107 million in the quarter.

Price Action: L shares closed higher by 0.24% at $62.19 on Friday.