Loews' profit and revenue rise, as majority-owned CNA Financial posts higher income
Loews Corp. (L) reported Monday second-quarter profit and revenue that rose above expectations, as majority-owned insurer CNA Financial Corp. (CNA) posted higher earnings. Loews, the diversified company in the insurance, energy, hospitality and packaging industries, said net income rose to $360 million, or $1.58 a share, from $167 million, or 68 cents a share, in the year-ago period. Revenue grew 16.1% to $3.93 billion. There were no analyst estimates available from FactSet. Loews, which owns 90% of CNA, said CNA net income attributable to Loews improved to $225 million from $170 million and net written premiums increased 10%, while underwriting results were lower due to higher net catastrophe losses. Shares of Loews and CNA were still inactive in premarket trading. Over the past three months, Loews' stock has gained 8.0% and CNA shares have tacked on 2.7%, while the S&P 500 advanced 9.9%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-31-23 0617ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?