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2022-05-02

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Loews Revenue Falls As Investment Income Swings To Negative Due To Rise In Interest Rates

Loews Corp. $(L)$ reported Monday net income that rose from a year ago but revenue and book value pe

Loews Revenue Falls As Investment Income Swings To Negative Due To Rise In Interest Rates

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Book value per share fell to $67.27 from $71.84. Separately, the company said it spent $129 million to repurchase shares during the quarter. </p><p>The stock, which was still inactive in premarket trading, has gained 8.8% year to date while the S&amp;P 500  has lost 13.3%.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"L":"洛斯公司"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2232715673","content_text":"Loews Corp. $(L)$ reported Monday net income that rose from a year ago but revenue and book value per share that fell, as lower net unrealized investment gains resulted from the rise in interest rates. Net income increased to $338 million, or $1.36 a share, from $261 million, or 97 cents a share, in the year-ago period, as the diversified company said its CNA Financial, Boardwalk Pipelines and Loews Hotels businesses all saw earnings rise. Revenue fell 6.1% to $3.40 billion, as its three businesses all grew revenue but investment income was a loss of $16 million versus a gain of $327 million a year ago. There were not analysts covering the company to provide estimates for results, according to FactSet. Book value per share fell to $67.27 from $71.84. Separately, the company said it spent $129 million to repurchase shares during the quarter. 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