By NEW YORK – Loews Corporation (NYSE:L) reported third quarter 2024 net income of $401 million, or $1.82 per share.
The diversified holding company saw its earnings rise 38% YoY from $253 million, or $1.12 per share, in Q3 2023.
The company’s stock edged down 0.34% following the earnings release.
The company’s strong performance was driven by improved results at its CNA Financial and Boardwalk Pipelines subsidiaries, as well as higher investment income at the parent company level. This was partially offset by weaker results at Loews Hotels.
CNA Financial (NYSE:CNA), Loews’ largest subsidiary, saw its net income attributable to Loews increase 10% to $259 million, boosted by higher net investment income. Boardwalk Pipelines’ net income jumped 57% to $77 million on increased revenues from higher re-contracting rates and recently completed growth projects.
Loews Hotels swung to a net loss of $8 million compared to net income of $17 million a year ago, primarily due to an impairment charge recorded by a joint venture property.
The company’s book value per share, excluding accumulated other comprehensive income, rose to $87.22 as of September 30, 2024, up from $81.92 at the end of 2023.
CEO James S. Tisch commented, “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.”
Loews repurchased 0.8 million shares of its common stock during Q3 for $64 million and bought an additional 1.2 million shares for $92 million so far in Q4.
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