Actionable news
0
All posts from Actionable news
Actionable news in L: LOEWS CORPORATION,

Loews: Investor And Public Relations

The following excerpt is from the company's SEC filing.

(212) 521-2788

NEWS RELEASE

LOEWS CORPORATION REPORTS NET INCOME OF

$182 MILLION FOR THE THIRD QUARTER OF 2015

NEW YORK, November 2, 2015—Loews Corporation (NYSE:L) today reported net income for the three months ended September 30, 2015 of $182 million, or $0.50 per share, compared to $208 million, or $0.55 per share, in the prior year period. For the nine months ended September 30, 2015, net income was $461 million, or $1.25 per share, compared to $383 million, or $1.00 per share, in the prior year period. In 2014, net income for the three month period included income from discontinued o perations of $29 million while the nine month period included a loss from discontinued operations of $364 million reflecting the disposition by Loews of HighMount Exploration & Production, LLC and by CNA Financial Corporation of its former life insurance subsidiary.

Book value per share excluding accumulated other comprehensive income (AOCI) increased to $52.59 at September 30, 2015 from $50.95 at December 31, 2014 and $50.32 at September 30, 2014.

CONSOLIDATED HIGHLIGHTS

Three Months

Nine Months

(In millions, except per share data)

Income before net investment gains (losses)

Net investment gains (losses)

Income from continuing operations

Discontinued operations, net

Net income attributable to Loews Corporation

Net income per share:

Year Ended

Book value per share excluding AOCI

Page 1 of 6

Three Months Ended September 30, 2015 Compared to 2014

Income from continuing operations for the three months ended September 30, 2015 was $182 million, or $0.50 per share, compared to $179 million, or $0.47 per share, in the 2014 third quarter.

Income from continuing operations increased primarily due to higher earnings at Diamond Offshore Drilling, Inc. and Boardwalk Pipeline Partners, LP.

CNA’s earnings declined primarily due to lower limited partnership investment results and realized investment losses versus realized gains in the prior year quarter. Improved underwriting results driven by higher favorable net prior year development partially offset the negative related to the investment portfolio.

Diamond Offshore’s earnings increase stemmed from the absence in 2015 of the $55 million asset impairment charge (after tax and noncontrolling interests) in 2014 related to the carrying value of six drilling rigs. Excluding this charge, earnings declined primarily due to lower rig utilization and increased depreciation and interest expense. In addition, earnings were impacted by a $20 million impairment charge to write-off all goodwill associated with the Company’s investment in Diamond Offshore. These decreases were partially offset by significantly reduced contract drilling expenses.

Boardwalk Pipeline’s earnings increased primarily due to new rates taking effect as a result of the Gulf South rate case and a franchise tax refund related to settlement of prior tax periods, partially offset by increased depreciation and interest costs.

Loews Hotels’ earnings increased primarily due to higher income from Universal Orlando joint venture properties.

Discontinued operations in 2014 included a favorable adjustment to the impairment charge at HighMount.

Nine Months Ended September 30, 2015 Compared to 2014

Income from continuing operations for the nine months ended September 30, 2015 was $461 million, or $1.25 per share, compared to $747 million, or $1.94 per share, in the prior year period.

Income from continuing operations decreased primarily due to lower earnings at CNA and Diamond Offshore and lower parent company investment income as a result of lower performance of equities and derivative related securities in the trading portfolio and decreased results from limited partnership investments.

CNA’s earnings declined year-over-year because of lower limited partnership results and an $84 million charge ($49...


More