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Loews (L) Q1 Earnings, Revenues Miss Estimates, Costs Fall

New York based Loews Corporation L is a diversified holding company operating through its subsidiaries.

Loews aims to strengthen its hotel business, its smallest unit, with the addition of more hotels to its portfolio.

Though offshore drilling market faces challenges from soft day rates and very few long-term contracts, Diamond Offshore continues to improve its fleet.

CNA Specialty as well as Commercial continues to experience rate increase as well as solid retentions thereby aiding solid performances at CNA Financial.

Currently, Loews has a Zacks Rank #5 (Strong Sell), but that could definitely change following its earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

How was the Bottom Line?

Loews misses on earnings. Our consensus called for EPS of 52 cents per share, and the company reported EPS of 35 cents per share.

Key Stats to Note

•    Total revenue of $3.2 billion declined 8.8% year over year.
•    Total expenses decreased 11.7% year over year to $2.9 billion.
•    Book value as of Mar 31, 2016 was $52.98 per share, up about 0.5% from $50.72 as of Dec 31, 2015.
•   Capital deployment via share repurchases totaled $33 million in the quarter.


Check back later for our full write up on this L earnings report later!

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LOEWS CORP (L): Free Stock Analysis Report
 
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