Loews Records Q3 Profit Aided By Strong CNA Financial Business Contribution Despite High Industry Catastrophe Losses

Loews Corp L reported Q3 FY23 EPS of $1.12, up from $(0.09) loss a year ago.

Net income stood at $253 million vs. net loss of $(22) million in Q3 FY22. The company recorded a charge of $37 million after tax in the third quarter of 2023 related to the termination of a defined benefit plan. 

Revenues were $3.93 billion in Q3 FY23 compared to $3.46 billion a year ago.

CNA Financial Corp CNA Segment's revenue contribution increased to $3.34 billion from $2.96 billion a year ago, and net income came in at $235 million vs. net loss of $(37) million a year ago.

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 $363 million from $339 million in Q3 FY22, and net income rose to $49 million from $34 million prior year. This was led by higher revenues from re-contracting at higher rates, increased natural gas liquids and other hydrocarbons transportation revenues, recently completed growth projects, and enhanced storage and parking and lending revenues.

Loews Hotels' revenues rose to $196 million from $180 million a year ago, while net income declined to $17 million from $25 million a year ago owing to lower equity income from joint ventures on decreased overall occupancy rates and increased operating costs.

As of September 30, 2023, Loews had cash and investments of $2.3 billion.

Loews repurchased 1.9 million shares for $118 million in the quarter and bought back an additional 1.0 million shares for $64 million since September 30, 2023. As of Q3-end, 224.3 million common shares remained outstanding.

Price Action: L shares are trading higher by 0.18% at $62.93 on the last check Monday.

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Posted In: EarningsEquitiesLarge CapNewsBuybacksMarketsBriefs
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