Loews (NYSE:L) reported third-quarter net income of $401 million, or $1.82 per share, a 38% increase from $253 million, or $1.12 per share, in Q3 2023. Despite the strong results, the company’s stock dipped by more than 4% intra-day today.
The company credited its performance to robust results from its CNA Financial and Boardwalk Pipelines subsidiaries, along with increased investment income at the parent company level. These gains were somewhat offset by a weaker quarter for Loews Hotels.
CNA Financial, the company’s largest subsidiary, reported a 10% increase in net income attributable to Loews, reaching $259 million due to higher net investment income. Boardwalk Pipelines’ net income surged by 57% to $77 million, bolstered by increased re-contracting rates and recently completed expansion projects.
However, Loews Hotels posted a net loss of $8 million, down from net income of $17 million a year prior, impacted primarily by an impairment charge on a joint venture property.