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LOEWS CORPORATION REPORTS NET INCOME OF $369 MILLION FOR THE SECOND QUARTER OF 2024

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Loews (NYSE: L) reported net income of $369 million, or $1.67 per share, in Q2 2024, up from $360 million in Q2 2023. Excluding a prior period gain, net income increased 14% year-over-year, driven by CNA Financial and Boardwalk Pipelines. CNA's net income improved due to higher net investment income, while Boardwalk's results benefited from increased revenues. Book value per share, excluding AOCI, rose to $85.42 as of June 30, 2024. The company repurchased 2.4 million shares for $180 million in Q2 2024. Key highlights include:

  • CNA's net income attributable to Loews increased 14% to $291 million
  • Boardwalk's net income rose 23% to $70 million
  • Loews Hotels' net income decreased to $35 million from $74 million
  • Parent company had $3.1 billion in cash and investments and $1.8 billion in debt

Loews (NYSE: L) ha riportato un utile netto di 369 milioni di dollari, pari a 1,67 dollari per azione, nel secondo trimestre del 2024, in aumento rispetto ai 360 milioni di dollari del secondo trimestre del 2023. Escludendo un guadagno precedente, l'utile netto è aumentato del 14% rispetto all'anno precedente, grazie a CNA Financial e Boardwalk Pipelines. L'utile netto di CNA è migliorato grazie a un aumento del reddito netto da investimenti, mentre i risultati di Boardwalk hanno beneficiato di ricavi in aumento. Il valore contabile per azione, escluse le AOCI, è salito a 85,42 dollari al 30 giugno 2024. L'azienda ha riacquistato 2,4 milioni di azioni per 180 milioni di dollari nel secondo trimestre del 2024. I punti salienti includono:

  • L'utile netto di CNA attribuibile a Loews è aumentato del 14% a 291 milioni di dollari
  • L'utile netto di Boardwalk è aumentato del 23% a 70 milioni di dollari
  • L'utile netto degli hotel Loews è diminuito a 35 milioni di dollari rispetto ai 74 milioni di dollari
  • La società madre aveva 3,1 miliardi di dollari in contante e investimenti e 1,8 miliardi di dollari di debito

Loews (NYSE: L) reportó un ingreso neto de 369 millones de dólares, o 1.67 dólares por acción, en el segundo trimestre de 2024, un aumento desde los 360 millones de dólares en el segundo trimestre de 2023. Excluyendo una ganancia del período anterior, el ingreso neto aumentó un 14% interanual, impulsado por CNA Financial y Boardwalk Pipelines. El ingreso neto de CNA mejoró debido a un mayor ingreso neto por inversiones, mientras que los resultados de Boardwalk se beneficiaron de ingresos en aumento. El valor contable por acción, excluyendo AOCI, subió a 85.42 dólares al 30 de junio de 2024. La empresa recompró 2.4 millones de acciones por 180 millones de dólares en el segundo trimestre de 2024. Los puntos destacados incluyen:

  • El ingreso neto de CNA atribuible a Loews aumentó un 14% a 291 millones de dólares
  • El ingreso neto de Boardwalk creció un 23% a 70 millones de dólares
  • El ingreso neto de Loews Hotels disminuyó a 35 millones de dólares desde 74 millones de dólares
  • La empresa matriz tenía 3.1 mil millones de dólares en efectivo e inversiones y 1.8 mil millones de dólares en deudas

로우즈 (NYSE: L)는 2024년 2분기에 순이익 3억 6천9백만 달러를 보고했으며, 이는 주당 1.67달러에 해당합니다. 이는 2023년 2분기 3억 6천만 달러에서 증가한 수치입니다. 이전 기간의 이익을 제외하면 순이익은 전년 대비 14% 증가했으며, 이는 CNA 파이낸셜보드워크 파이프라인즈 덕분입니다. CNA의 순이익은 순 투자 수입 증가로 개선되었고, 보드워크의 결과는 증가한 수익으로 혜택을 받았습니다. 주당 장부 가치는 2024년 6월 30일 기준으로 AOCI를 제외하고 85.42달러로 상승했습니다. 회사는 2024년 2분기에 1억 8천만 달러에 240만 주를 재매입했습니다. 주요 하이라이트는 다음과 같습니다:

  • 로우즈에 귀속된 CNA의 순이익은 14% 증가하여 2억 9천1백만 달러에 달했습니다
  • 보드워크의 순이익은 23% 증가하여 7천만 달러에 달했습니다
  • 로우즈 호텔의 순이익은 7천4백만 달러에서 3천5백만 달러로 감소했습니다
  • 모회사는 현금 및 투자로 31억 달러, 부채로 18억 달러를 보유하고 있었습니다

Loews (NYSE: L) a annoncé un revenu net de 369 millions de dollars, soit 1,67 dollar par action, au deuxième trimestre 2024, en hausse par rapport à 360 millions de dollars au deuxième trimestre 2023. En excluant un gain antérieur, le revenu net a augmenté de 14 % d'une année sur l'autre, soutenu par CNA Financial et Boardwalk Pipelines. Le revenu net de CNA s'est amélioré grâce à des revenus nets d'investissement plus élevés, tandis que les résultats de Boardwalk ont bénéficié d'une augmentation des revenus. La valeur comptable par action, excluant l'AOCI, a atteint 85,42 dollars au 30 juin 2024. L'entreprise a racheté 2,4 millions d'actions pour 180 millions de dollars au deuxième trimestre 2024. Les points forts incluent :

  • Le revenu net de CNA attribuable à Loews a augmenté de 14 % pour atteindre 291 millions de dollars
  • Le revenu net de Boardwalk a augmenté de 23 % pour atteindre 70 millions de dollars
  • Le revenu net des hôtels Loews a diminué à 35 millions de dollars contre 74 millions de dollars
  • La société mère avait 3,1 milliards de dollars en liquidités et investissements et 1,8 milliard de dollars de dettes

Loews (NYSE: L) berichtete über einen Nettoertrag von 369 Millionen Dollar, oder 1,67 Dollar pro Aktie, im 2. Quartal 2024, ein Anstieg von 360 Millionen Dollar im 2. Quartal 2023. Ohne eine gewonnene Summe aus der Vorperiode erhöhte sich der Nettoertrag im Jahresvergleich um 14%, angetrieben von CNA Financial und Boardwalk Pipelines. Der Nettoertrag von CNA verbesserte sich aufgrund höherer Nettoinvestitionserträge, während das Ergebnis von Boardwalk von erhöhten Einnahmen profitierte. Der Buchwert pro Aktie, ohne AOCI, stieg bis zum 30. Juni 2024 auf 85,42 Dollar. Das Unternehmen kaufte im 2. Quartal 2024 2,4 Millionen Aktien für 180 Millionen Dollar zurück. Zu den wichtigsten Ergebnissen gehören:

  • Der nettoverantwortliche Gewinn von CNA für Loews stieg um 14 % auf 291 Millionen Dollar
  • Der Nettoertrag von Boardwalk stieg um 23 % auf 70 Millionen Dollar
  • Der Nettoertrag von Loews Hotels sank auf 35 Millionen Dollar, nachdem er 74 Millionen Dollar betragen hatte
  • Das Mutterunternehmen verfügte über 3,1 Milliarden Dollar in Barmitteln und Investitionen sowie über 1,8 Milliarden Dollar an Schulden
Positive
  • Net income increased 14% year-over-year to $369 million
  • CNA Financial's net income attributable to Loews improved 14% to $291 million
  • Boardwalk Pipelines' net income increased 23% to $70 million
  • Book value per share, excluding AOCI, rose to $85.42 from $81.92 at year-end 2023
  • CNA's net written premiums grew by 6% driven by strong retention and new business
  • Boardwalk's EBITDA increased 13% to $240 million
Negative
  • Loews Hotels' net income decreased to $35 million from $74 million in Q2 2023
  • CNA's Property and Casualty combined ratio increased to 94.8% from 93.8% in Q2 2023
  • Corporate & Other segment reported a net loss of $27 million

Insights

Loews 's Q2 2024 results demonstrate solid performance across its key business segments. The company reported net income of $369 million, or $1.67 per share, up from $360 million, or $1.58 per share, in Q2 2023. Excluding a prior-year gain at Loews Hotels, net income increased by 14% year-over-year, primarily driven by improvements at CNA Financial and Boardwalk Pipelines.

CNA Financial, Loews' largest subsidiary, saw its net income attributable to Loews improve by 14% to $291 million. This growth was fueled by higher net investment income, partially offset by increased catastrophe losses. The company's core income rose by 6% to $326 million, while net written premiums grew by 6%, indicating strong retention and new business acquisition.

Boardwalk Pipelines' performance was particularly impressive, with net income surging 23% to $70 million and EBITDA increasing 13% to $240 million. These improvements were driven by higher transportation revenues from increased re-contracting rates and recently completed growth projects.

Loews' financial position remains robust, with $3.1 billion in cash and investments at the parent company level and $1.8 billion in debt as of June 30, 2024. The company's commitment to shareholder value is evident in its continued share repurchases, with 2.4 million shares bought back in Q2 for $180 million.

While these results are encouraging, investors should note the increased catastrophe losses at CNA and the slight decline in Loews Hotels' performance. However, the overall picture remains positive, with book value per share (excluding AOCI) increasing to $85.42 from $81.92 at the end of 2023, reflecting strong operating results and the impact of share repurchases.

CNA Financial's performance in Q2 2024 merits closer examination. The company's combined ratio for Property and Casualty increased to 94.8% from 93.8% in Q2 2023, primarily due to higher catastrophe losses. This 1% increase in the combined ratio suggests a slight deterioration in underwriting profitability, which is a key metric for insurers.

However, it's important to note that CNA's underlying combined ratio, which excludes catastrophe losses and prior year development, only increased marginally to 91.6% from 91.1%. This indicates that the core underwriting performance remains relatively stable despite challenging market conditions.

The 6% growth in net written premiums is a positive sign, reflecting strong retention and new business acquisition. This growth, combined with the 7% increase in net earned premiums, suggests that CNA is successfully expanding its market share without significantly compromising on pricing.

The improvement in net investment income is particularly noteworthy. Higher income from fixed income securities, driven by favorable reinvestment rates and a larger invested asset base, along with better returns from partnerships, has bolstered CNA's overall profitability. This demonstrates the company's ability to capitalize on the current interest rate environment effectively.

While the increase in catastrophe losses is a concern, it's a common challenge faced by insurers and doesn't necessarily reflect poorly on CNA's risk management practices. The company's ability to maintain a strong underlying combined ratio in the face of these losses is commendable.

Boardwalk Pipelines' stellar performance in Q2 2024 reflects the robust fundamentals in the natural gas pipeline business. The 23% increase in net income to $70 million and 13% rise in EBITDA to $240 million underscore the company's strong operational execution and strategic positioning.

The primary drivers of this growth - increased transportation revenues from higher re-contracting rates and recently completed growth projects - indicate that Boardwalk is successfully capitalizing on the growing demand for natural gas infrastructure. The ability to secure higher rates during re-contracting suggests a favorable supply-demand balance in the markets Boardwalk serves.

The contribution from the Bayou Ethane acquisition highlights Boardwalk's effective inorganic growth strategy. This acquisition not only expands Boardwalk's asset base but also diversifies its revenue streams, potentially providing more stability to future earnings.

Increased storage and parking and lending revenues further demonstrate the company's ability to maximize the utilization of its assets. This operational flexibility allows Boardwalk to capture additional value beyond its core transportation business.

Looking ahead, the strong performance of Boardwalk Pipelines bodes well for Loews As the energy transition progresses, natural gas is likely to play a important role as a bridge fuel, potentially providing continued growth opportunities for Boardwalk. However, investors should also be mindful of potential regulatory changes and the long-term impact of the shift towards renewable energy sources on natural gas demand.

NEW YORK, July 29, 2024 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its second quarter 2024 financial results.

Second Quarter 2024 highlights:
Loews Corporation reported net income of $369 million, or $1.67 per share, in the second quarter of 2024, compared to $360 million, or $1.58 per share, in the second quarter of 2023. Excluding the prior period's $36 million gain at Loews Hotels, net income increased 14% year-over-year, driven by CNA and Boardwalk. The following are the highlights:

  • CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews improved year-over-year due to higher net investment income partially offset by higher catastrophe losses.
  • Boardwalk Pipelines' results improved year-over-year mainly due to increased revenues from re-contracting at higher rates and recently completed growth projects.
  • Book value per share, excluding AOCI, increased to $85.42 as of June 30, 2024, from $81.92 as of December 31, 2023 due to strong operating results and repurchases of common shares during the year.
  • As of June 30, 2024, the parent company had $3.1 billion of cash and investments and $1.8 billion of debt.
  • Loews Corporation repurchased 2.4 million shares of its common stock during the second quarter of 2024 for a total cost of $180 million, and bought an additional 0.2 million shares for $14 million so far in the third quarter.

CEO commentary:

"Loews had another good quarter driven by strong results at CNA and Boardwalk. CNA continued to experience profitable growth while Boardwalk capitalized on strong fundamentals in the natural gas pipeline business."
–      James S. Tisch, President and CEO, Loews Corporation

Consolidated highlights:


June 30,


Three Months

Six Months

(In millions)

2024

2023

2024

2023

Net Income (Loss) Attributable to Loews Corporation:





CNA Financial

$           291

$           255

$           601

$           523

Boardwalk Pipelines

70

57

191

143

Loews Hotels & Co

35

74

51

98

Corporate

(27)

(26)

(17)

(29)

Net income attributable to Loews Corporation

$           369

$           360

$           826

$           735

 



June 30, 2024


December 31, 2023






Book value per share


$                           74.57


$                           70.69

Book value per share excluding AOCI


85.42


81.92

 

Three months ended June 30, 2024 compared to 2023

CNA:

  • Net income attributable to Loews Corporation improved 14% to $291 million from $255 million.
  • Core income increased 6% to $326 million from $308 million.
  • Net investment income increased due to higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base and favorable returns from limited partnerships.
  • Net written premiums grew by 6% driven by strong retention and new business. Net earned premiums grew by 7%.
  • Property and Casualty's underwriting income decreased due to higher catastrophe losses.
  • Property and Casualty's combined ratio was 94.8% compared to 93.8% in the second quarter of 2023 partially due to a 0.4 point increase in catastrophe losses. Property and Casualty's underlying combined ratio was 91.6% compared to 91.1% in the second quarter of 2023.
  • Net income was also positively impacted by lower investment losses driven by lower impairments.

Boardwalk:

  • Net income increased 23% to $70 million compared to $57 million.
  • EBITDA increased 13% to $240 million compared to $213 million.
  • Net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects, increased storage and parking and lending revenues, and contribution from the Bayou Ethane acquisition.

Loews Hotels:

  • Net income of $35 million compared to $74 million.
  • Adjusted EBITDA of $98 million compared to $100 million.
  • Net income for 2023 included a gain of $36 million related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.
  • Excluding this gain, net income decreased due to lower equity income from joint ventures as occupancy and average daily rates decreased in Orlando, partially offset by improved performance at city center hotels.
  • Net income was also impacted by higher depreciation and interest expense due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.

Corporate & Other:

  • Net loss of $27 million compared to $26 million.
  • The decrease in results is primarily due to lower investment income from parent company equity securities partially offset by higher income from short-term investments and fixed income securities.

Six months ended June 30, 2024 compared to 2023

Loews Corporation reported net income of $826 million, or $3.72 per share, compared to $735 million, or $3.19 per share, in 2023. The following are key highlights:

  • CNA's net investment income increased due to higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base and favorable returns from limited partnerships and common stock.
  • Property and Casualty's underwriting results were lower due to higher net catastrophe losses partially offset by favorable net prior year loss reserve development.
  • Property and Casualty's combined ratio was 94.7% compared to 93.9%. Property and Casualty's underlying combined ratio was 91.4% compared to 91.0%.
  • CNA's net written premiums increased 6%.
  • Corporate & Other results improved year-over-year driven by higher returns from parent company equity securities and short-term investments.
  • All other segment drivers of results for the six months ended June 30, 2024 as compared to the comparable prior year period are consistent with the three-month period drivers discussed above.

Share Purchases:

  • On June 30, 2024, there were 219.7 million shares of Loews common stock outstanding.
  • During the three months ended June 30, 2024, Loews Corporation repurchased 2.4 million shares of its common stock for a total cost of $180 million.
  • Loews has repurchased an additional 0.2 million shares for $14 million so far in the third quarter.
  • Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market, in privately negotiated transactions or otherwise.

Reconciliation of GAAP Measures to Non-GAAP Measures

This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These measures are defined and reconciled to the most comparable GAAP measures on pages 6 and 7 of this release.

Earnings Remarks

For Loews Corporation

  • Today, July 29, 2024, earnings remarks will be available on our website.
  • Remarks will include commentary from Loews's president and chief executive officer and chief financial officer.

For CNA

  • Today, July 29, 2024, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com.
  • Remarks will include commentary from CNA's chairman and chief executive officer and chief financial officer.

About Loews Corporation

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.

Forward-Looking Statements

Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Loews Corporation and Subsidiaries

Selected Financial Information



June 30,


Three Months

Six Months

(In millions)

2024

2023

2024

2023

Revenues:





CNA Financial (a)

$        3,519

$        3,304

$        6,963

$        6,456

Boardwalk Pipelines

488

365

1,005

762

Loews Hotels & Co (b)

251

254

467

446

Corporate investment income, net

9

11

63

53

Total

$        4,267

$        3,934

$        8,498

$        7,717

Income (Loss) Before Income Tax:





CNA Financial (a)

$           402

$           361

$           829

$           732

Boardwalk Pipelines

94

76

256

192

Loews Hotels & Co (b)

44

101

72

135

Corporate:





Investment income, net

9

11

63

53

Other (c)

(42)

(41)

(84)

(85)

Total

$           507

$           508

$        1,136

$        1,027

Net Income (Loss) Attributable to Loews Corporation:





CNA Financial (a)

$           291

$           255

$           601

$           523

Boardwalk Pipelines

70

57

191

143

Loews Hotels & Co (b)

35

74

51

98

Corporate:





Investment income, net

7

9

50

42

Other (c)

(34)

(35)

(67)

(71)

Net income attributable to Loews Corporation

$           369

$           360

$           826

$           735



(a)

The three months ended June 30, 2024 and 2023 include net investment losses of $10 million and $32 million ($7 million and $23 million after tax and noncontrolling interests). The six months ended June 30, 2024 and 2023 include net investment losses of $32 million and $67 million ($23 million and $48 million after tax and noncontrolling interests).

(b)

Includes a gain of $46 million ($36 million after tax) for the three and six months ended June 30, 2023 related to Loews Hotels & Co's acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

(c)

Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging.

 

Loews Corporation and Subsidiaries

Consolidated Financial Review



June 30,


Three Months

Six Months

(In millions, except per share data)

2024

2023

2024

2023

Revenues:





Insurance premiums

$      2,498

$      2,347

$      4,939

$      4,595

Net investment income

639

592

1,308

1,161

Investment gains (losses) (a)

(10)

14

(32)

(21)

Operating revenues and other

1,140

981

2,283

1,982

Total

4,267

3,934

8,498

7,717






Expenses:





Insurance claims and policyholders' benefits

1,882

1,779

3,689

3,432

Operating expenses and other

1,878

1,647

3,673

3,258

Total

3,760

3,426

7,362

6,690






Income before income tax

507

508

1,136

1,027

Income tax expense

(112)

(120)

(256)

(235)

Net income

395

388

880

792

Amounts attributable to noncontrolling interests

(26)

(28)

(54)

(57)

Net income attributable to Loews Corporation

$         369

$         360

$         826

$         735






Net income per share attributable to Loews Corporation

$        1.67

$        1.58

$        3.72

$        3.19






Weighted average number of shares

221.60

227.97

222.18

230.78



(a)

Includes a gain of $46 million ($36 million after tax) for the three and six months ended June 30, 2023 related to Loews Hotels & Co's acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

 

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains (losses) and the effects of noncontrolling interests. The calculation of core income excludes investment gains (losses) because these are generally driven by economic factors that are not necessarily reflective of CNA's primary operations. The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:


June 30,


Three Months

Six Months

(In millions)

2024

2023

2024

2023

CNA net income attributable to Loews Corporation

$           291

$           255

$           601

$           523

Investment losses

9

25

26

53

Noncontrolling interests

26

28

54

57

Core income

$           326

$           308

$           681

$           633

 

Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk net income attributable to Loews Corporation to its EBITDA:


June 30,


Three Months

Six Months

(In millions)

2024

2023

2024

2023

Boardwalk net income attributable to Loews Corporation

$            70

$            57

$           191

$           143

Interest, net

38

35

77

72

Income tax expense

24

19

65

49

Depreciation and amortization

108

102

214

203

EBITDA

$           240

$           213

$           547

$           467

 

Loews Hotels & Co

Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, state and local government development grants, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:


June 30,


Three Months

Six Months

(In millions)

2024

2023

2024

2023

Loews Hotels & Co net income attributable to Loews Corporation

$            35

$            74

$            51

$            98

Interest, net

12

(1)

17

4

Income tax expense

9

27

21

37

Depreciation and amortization

24

17

45

33

EBITDA

80

117

134

172

Noncontrolling interest share of EBITDA adjustments

(2)


(4)


Gain on asset acquisition


(46)


(46)

Asset impairments


9


9

Equity investment adjustments:





Loews Hotels & Co's equity method income

(32)

(41)

(59)

(72)

Pro rata Adjusted EBITDA of equity method investments

50

62

106

124

Consolidation adjustments

2

(1)

1

(2)

Adjusted EBITDA

$            98

$           100

$           178

$           185

 

The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:


June 30,


Three Months

Six Months

(In millions)

2024

2023

2024

2023

Loews Hotels & Co's equity method income

$            32

$            41

$            59

$            72

Pro rata share of equity method investments:





Interest, net

10

12

20

23

Income tax expense





Depreciation and amortization

12

12

24

25

Distributions in excess of basis

(4)

(3)

3

3

Consolidation adjustments




1

Pro rata Adjusted EBITDA of equity method investments

$            50

$            62

$           106

$           124

 

Cision View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-369-million-for-the-second-quarter-of-2024-302207770.html

SOURCE Loews Corporation

FAQ

What was Loews 's (NYSE: L) net income for Q2 2024?

Loews reported net income of $369 million, or $1.67 per share, for the second quarter of 2024.

How did CNA Financial perform in Q2 2024 compared to Q2 2023?

CNA Financial's net income attributable to Loews improved 14% to $291 million in Q2 2024, up from $255 million in Q2 2023.

What was Boardwalk Pipelines' net income for Q2 2024?

Boardwalk Pipelines' net income increased 23% to $70 million in Q2 2024, compared to $57 million in Q2 2023.

How many shares did Loews (NYSE: L) repurchase in Q2 2024?

Loews repurchased 2.4 million shares of its common stock during the second quarter of 2024 for a total cost of $180 million.

What was Loews 's (NYSE: L) book value per share as of June 30, 2024?

Loews 's book value per share, excluding AOCI, increased to $85.42 as of June 30, 2024, from $81.92 as of December 31, 2023.

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