Loews Corporation (NYSE:L) swung to a profit in the first quarter, of $420 million, or $0.99 per share, from a loss of $647 million, or $1.49 per share, in the same quarter last year.
The conglomerate was helped by gains at its 90% owned subsidiary, CNA Financial (NYSE:CNA), which today posted earnings of $245 million, or $0.82 per share, vs. a loss of $195 million, or $0.84 per share, in the same quarter last year.
Loews also owns stakes in Diamond Offshore Drilling (NYSE:DO) and Boardwalk Pipeline Partners (NYSE:BWP), both of which announced earnings in April.
Loews said its earnings net of investment gains was $409 million, vs. a loss of $337 million last year.
Loews shares are trading higher by almost eight tenths of a percent on Monday.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.