Loews Corporation (NYSE:L) reported on Monday that its net income in the third-quarter moved up 9% as higher performance at the diversified holding corporation’s CNA Financial insurance subsidiary, 90% owned by Loews, counterbalance lower earnings at deepwater driller Diamond Offshore Drilling.
Loews, which is controlled by New York’s Tisch family, announced net income of $177 million or 45 cents a share during the quarter finished Sept 30. That was high from earnings of $162 million or 40 cents a share in the comparable quarter previous year.
Loews made $339 million in earnings without a $166 million charge writing down the value of a subsidiary’s natural gas properties due to lowering natural gas prices, high from adjusted earnings of $177 million in previous year.
The company reported that revenue moved up 8% to $3.72 billion from $3.44 billion.
Loews announced net income of $195 million at CNA Financial, over double the $84 million that CNA announced in the similar period a year ago. That subsidiary announced higher net investment income and lower catastrophe losses.
Loews Corporation (NYSE:L) has market capitalization of 16.77 billion and offered 4.44% Return on equity. The company’s institutional ownership was 59.10% while its price to earnings ratio was 19.81. Company’s net profit margin was 10.26%. Beta factor was 1.18. The Beta factor, which is used as a measure of a company’s volatility in relation to the market, was 1.26.
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