Loews profit falls 12.5 percent as insurance, drilling units weigh
- Tech stocks, Nike drag Wall Street lower after two-day sharp rally
- Over $100 Billion Wiped Off: Bitcoin (BTC) Price Falls As China's Central Bank Vows to Ban Cryptocurrency Trading
- Nike (NKE) Stock Falls On a Revenue Miss and Slashed FY Sales Outlook, Analysts Bullish Despite NT Supply Chain Challenges
- Oil hits highest in almost 3 years as supply tightens
- Here's Why Meredith (MDP) Stock Price Soared 18% in After Hours
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Reuters) - Hotel, energy and financial services conglomerate Loews Corp (NYSE: L) reported a 12.5 percent drop in quarterly profit, hurt by lower revenue from its two major units - multiline insurer CNA Financial Corp (NYSE: CNA) and Diamond Offshore Drilling Inc (NYSE: DO).
Loews' net income fell to $182 million, or 50 cents per share, in the third quarter ended Sept. 30, from $208 million, or 55 cents per share, a year earlier.
Excluding items, the company earned 58 cents per share, beating analysts' average estimate of 56 cents, according to Thomson Reuters I/B/E/S.
Loews, controlled by New York's wealthy Tisch family, said total revenue fell 10 percent to $3.17 billion.
Net written premiums from property and casualty at CNA Financial, Loews' largest unit, fell 2 percent to $1.53 billion in the quarter.
Revenue at the company's second biggest unit, Diamond Offshore, declined 17.3 percent to $610 million due to lower rig utilization.
Boardwalk Pipeline Partners LP (NYSE: BWP) and Loews Hotels & Resorts are Loews' two other subsidiaries.
Up to Friday's close of $36.46, Loews' shares had lost 13 percent this year.
(Reporting by Rachel Chitra in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Carnival Corp. (CCL) announces adjusted net loss of $2 billion for the third quarter of 2021
- Biden says there will be consequences over Haiti migrants' treatment
- How to tell if Evergrande crisis is spilling beyond China
Create E-mail Alert Related CategoriesEarnings, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!