Loews Corp (NYSE:L) reported first-quarter FY24 net income of $457 million, up 22% Y/Y. EPS of $2.05 was higher than the year-ago figure of $1.61.
Revenues were $4.23 billion, higher than $3.78 billion a year ago.
CNA Financial Corp (NYSE:CNA) revenue contribution increased to $3.44 billion from $3.15 billion a year ago, and net income rose to $310 million from $268 million a year ago.
CNA's net income benefited from higher net investment income and favorable net prior-year loss reserve development.
Boardwalk Pipelines segment's revenues rose to $517 million from $397 million in the year-ago quarter, and net income rose to $121 million from $86 million the prior year.
Broadway Pipelines benefitted from higher revenues from re-contracting at higher rates and recently completed growth projects.
Loews Hotels' revenues rose to $216 million from $192 million a year ago, while net income declined to $16 million from $24 million a year ago owing to lower equity income from joint ventures on decreased overall occupancy rates in Orlando.
As of March-end, the company had $3.2 billion in cash and investments and $1.8 billion in debt.
Loews repurchased 0.9 million shares for $67 million in the quarter. As of the first quarter's end, 222.1 million common shares remained outstanding.
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 are up 0.13% at $76.50 premarket at the last check Monday.
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