Loews Corp Reports Strong Q3 Earnings Driven by CNA Financial and Boardwalk Pipelines

Loews Corporation (L) has announced solid third-quarter earnings, showcasing continued growth across several of its core businesses. The company’s net income for the quarter reached $401 million, a significant increase from the $253 million reported in the same period last year. Earnings per share (EPS) also saw a notable rise, jumping to $1.82 from $1.12 in the prior year. This growth is attributed to strong performance across key divisions, namely CNA Financial and Boardwalk Pipelines.

CNA Financial

continued its upward trajectory, generating revenue of $3.62 billion, up from $3.34 billion in the year-ago quarter. Net income also rose to $259 million, compared to $235 million in the previous year. While CNA experienced higher catastrophe losses, its net income attributable to Loews saw an overall improvement, thanks to a boost in net investment income.

Boardwalk Pipelines

also delivered strong results, with revenues climbing to $483 million from $363 million in the same period last year. Net income surged to $77 million from $49 million in the previous year. This growth is attributed to higher re-contracting rates and the successful completion of new growth projects, indicating a favorable industry climate for the segment.

Loews Hotels

reported a revenue increase to $226 million from $196 million in the previous year. However, net income came in at $(8) million, a significant decline from $17 million in the prior year. This decrease was primarily due to an impairment charge recorded by a joint venture property.

Loews Corporation remains financially strong, with a cash and investment position of $3.3 billion as of September 30, 2024, and $1.8 billion in debt. The company’s commitment to shareholder value was further evident through its share repurchase program. Loews repurchased 0.8 million shares for $64 million during the quarter and an additional 1.2 million shares for $92 million in the early stages of the fourth quarter.

James S. Tisch

, President and CEO of Loews Corporation, expressed satisfaction with the quarter’s results, highlighting the positive momentum in Boardwalk Pipelines and CNA Financial despite the industry-wide challenge of elevated catastrophe losses. He emphasized the ongoing benefits from industry tailwinds for Boardwalk Pipelines, leading to higher re-contracting rates and robust pipeline flows.

Investors seeking exposure to Loews Corporation can explore investment options such as the

Absolute Select Value ETF (ABEQ)

and the

Democratic Large Cap Core ETF (DEMZ)

.

On Friday, L shares closed higher by 0.39% at $79.27. The company’s robust financial performance and strategic focus on key business segments position Loews Corporation for continued success in the coming quarters.