Loews Corp L reported a fourth-quarter revenue of $4.55 billion compared to $4.26 billion a year ago.
EPS was $0.86, down from $1.99 a year ago. Net income fell to $187 million from $446 million a year ago.
This year’s fourth quarter results include a pension settlement charge for CNA Financial Corporation‘s CNA of $265 million, after-tax and noncontrolling interests, which was previously reported in October 2024.
CNA Financial’s revenue contribution increased to $3.69 billion from $3.51 billion a year ago, and net income fell to $19 million from $336 million a year ago. Excluding the pension charge, CNA’s net income attributable to Loews was $284 million compared to $336 million.
Boardwalk Pipelines segment’s revenues rose to $577 million from $511 million in the year-ago quarter, and net income rose to $145 million from $92 million the prior year.
Boardwalk Pipelines saw year-over-year improvement, driven by higher fourth-quarter 2024 revenues from re-contracting at increased rates and the completion of recent growth projects.
Loews Hotels’ revenues rose to $240 million from $210 million year-over-year, while net income fell to $27 million from $32 million, impacted by higher depreciation and interest costs from the Arlington Hotel and Convention Center opening.
As of December 31, 2024, the parent company had $3.3 billion in cash and investments and $1.8 billion in debt.
Loews repurchased 4.2 million shares for $349 million in the quarter, totaling 7.7 million for $611 million in 2024. So far, in the first quarter of 2025, the company has repurchased 1.9 million shares for $164 million.
Price Action: L shares traded higher by 5% at $91.11 premarket at last check Monday.
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