Loews Q3 net income falls as CNA profit drops

Overview

• US diversified holding company Q3 net income and EPS fell sharply yr/yr

• Q3 revenue rose slightly from a year earlier

• Company repurchased 1.6 mln shares for $167 mln in Q3

Outlook

• Company did not provide specific financial guidance for the current or future periods in its press release

Result Drivers

• CNA IMPACT - CNA Financial net income attributable to Lowes fell by 51.5% due to long-term care reserve charges, weaker Property and Casualty underwriting results, and increased catastrophe losses

• BOARDWALK EXPENSES - Boardwalk Pipelines net income declined due to higher operating expenses, including unrealized losses and an impairment charge related to office relocation

• HOTELS RECOVERY - Loews Hotels net income increased, driven by higher average daily rates and more occupied room nights across most properties

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)