From Financial Modeling Prep: 2024-11-04 11:40:00

Loews (NYSE:L) reported a 38% increase in third-quarter net income to $401 million, or $1.82 per share, compared to $253 million, or $1.12 per share, in Q3 2023. Despite this, the company’s stock fell by more than 4% intra-day.

The company attributed its strong performance to robust results from CNA Financial and Boardwalk Pipelines, as well as increased investment income. However, Loews Hotels experienced a weaker quarter.

CNA Financial saw a 10% increase in net income to $259 million, while Boardwalk Pipelines’ net income surged by 57% to $77 million. These gains were driven by higher investment income and successful expansion projects.

On the flip side, Loews Hotels reported a net loss of $8 million, a decrease from net income of $17 million the previous year, primarily due to an impairment charge on a joint venture property.



Read more at Financial Modeling Prep:: Loews Posts Strong Q3 Earnings Growth, But Shares …