Loews Q2 Profit Jumps 14% on Hotel, Energy Strength; Insurance Underwriting Softens
L sits 30% above its 52-week low of $89.32 on light trading volume (0.3× avg).
Summary
Loews Corporation reported Q2 net income of $444 million, or $2.16 per share, up from $391 million a year ago, driven by a 71% surge in hotel profits and higher pipeline earnings. Revenue rose to $4.73 billion. The results overshadow softer underwriting at subsidiary CNA Financial, where core income slipped to $324 million from $335 million despite higher investment income. Loews Hotels benefited from higher room rates and occupancy, including strong Orlando and Miami Beach performance, while Boardwalk Pipelines saw improved gas transportation revenue. The parent company repurchased 1.4 million shares for $146 million and ended the quarter with $4.4 billion in cash. This follows CNA's earlier Q2 release showing net income of $321 million; the consolidated picture highlights diversification away from insurance. Book value per share ex-AOCI rose to $99.27, supporting the stock near its 52-week high.
At the time of this announcement, L was trading at $116.04 on NYSE in the Finance sector, with a market capitalization of approximately $23.9B. The 52-week trading range was $89.32 to $121.01. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.