Loews Corp (NYSE:L) reported a third-quarter net income of $401 million compared to $253 million a year ago. EPS was $1.82, up from $1.12 year-ago. Revenues grew to $4.47 billion from $3.93 billion a year ago.
CNA Financial Corp (NYSE:CAN) revenue contribution increased to $3.62 billion from $3.34 billion a year ago, and net income rose to $259 million from $235 million a year ago.
CNA's net income attributable to Loews improved year-over-year due to higher net investment income partially offset by higher catastrophe losses.
Boardwalk Pipelines segment's revenues rose to $483 million from $363 million in the year-ago quarter, and net income rose to $77 million from $49 million the prior year.
Boardwalk Pipelines' results improved year-over-year due to higher re-contracting rates and newly completed growth projects.
Loews Hotels' revenues increased to $226 million from $196 million a year ago, and net income stood at $(8) million vs. $17 million a year ago. The result reflects an impairment charge recorded by a joint venture property.
As of September 30, 2024, the company had $3.3 billion in cash and investments and $1.8 billion in debt.
Loews repurchased 0.8 million shares for $64 million in the quarter and an additional 1.2 million shares for $92 million so far in the fourth quarter.
"Loews had another good quarter. Boardwalk continues to benefit from favorable industry tailwinds that have led to higher re-contracting rates and robust pipeline flows. CNA performed well despite elevated industry catastrophe losses," said James S. Tisch, President and CEO, Loews Corporation.
Investors can gain exposure to the stock via Absolute Select Value ETF (NYSE:ABEQ) and Democratic Large Cap Core ETF (NASDAQ:DEMZ).
Price Action: L shares closed higher by 0.39% at $79.27 on Friday.
Image via Shutterstock
Read Next:
- As Florida Prepares For One Of Deadliest Hurricanes, Here Are Some Potential Stock Winners And Losers From Milton Threat
