Loews Corp. (L) Posts Smaller-than-Expected Q3 Loss

November 3, 2014 6:13 AM EST

Loews Corp. (NYSE: L) reported Q3 EPS of $0.55 or $0.47 from continuing operations, versus the analyst estimate of $0.68. Revenue for the quarter came in at $3.49 billion, versus $3.6 billion reported last year.

CNA's earnings declined primarily due to lower net investment income, driven by limited partnerships; reduced favorable net prior year development; and a $31 million loss (after tax and noncontrolling interests) on a coinsurance transaction related to the August 1, 2014 sale of CNA's annuity and pension deposit business. These decreases were partially offset by lower catastrophes.

Diamond Offshore's earnings decreased primarily due to lower rig utilization and an impairment loss of $55 million (after tax and noncontrolling interests) related to the carrying value of six semisubmersible rigs, partially offset by two newbuild rigs commencing work in the current year.

Boardwalk Pipeline Partners, LP's earnings decreased primarily due to a gain on the sale of storage gas of $13 million in 2013 and higher operations, maintenance and depreciation expense in 2014.

For earnings history and earnings-related data on Loews Corp. (L) click here.

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