Loews (L) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
Zacks Investment Research | Apr 28, 2019 09:39PM ET
Loews Corporation (NYSE:L) reported first-quarter 2019 earnings of $1.27 per share, which beat the Zacks Consensus Estimate by 30.9% and increased 42.7% year over year.
The improvement stemmed from higher earnings contributed by CNA Financial (NYSE:CNA) and Boardwalk Pipeline Partners, LP as well as higher parent company net investment income, which were partially offset by lower earnings at Diamond Offshore (NYSE:DO) .
Behind the Headlines
Operating revenues of $3.7 billion increased 4.3% year over year. Higher premiums and net investment income aided the top line.
Total expenses increased 2.3% year over year to $3.2 billion on higher insurance claims and policyholders' benefits as well as higher operating expenses.
Book value excluding accumulated other comprehensive income as of Mar 31, 2019 was $63.59 per share, up 2.3% from $62.16 as of Dec 31, 2018.
Loews Corporation Price, Consensus and EPS Surprise
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