Loews Corp. (L) Tops Q1 EPS by 22c

May 1, 2017 6:02 AM EDT

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Loews Corp. (NYSE: L) reported Q1 EPS of $0.87, $0.22 better than the analyst estimate of $0.65. Revenue for the quarter came in at $1.65 billion, versus $1.7 billion reported last year.

The company reported net income of $295 million compared to $102 million in the prior year period.

Net income increased $193 million as compared to the prior year due to higher earnings at CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels & Co, as well as higher income generated by the parent company investment portfolio. These increases were partially offset by lower earnings at Diamond Offshore Drilling, Inc.

Book value per share increased to $54.91 at March 31, 2017 from $53.96 at December 31, 2016. Book value per share excluding accumulated other comprehensive income (AOCI) increased to $55.35 at March 31, 2017 from $54.62 at December 31, 2016.

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

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