the republic logo

Loews 2Q profit climbs 46 percent, but insurance and oil drilling revenues drop; shares fall

bug
Share/Save/Bookmark

NEW YORK — The holding company Loews said Monday that its second-quarter net income rose more than 46 percent, even as revenue fell at its insurance and oil drilling businesses.

Shares of Lowes Corp. fell $1.11, or 2.9 percent, to $37 in afternoon trading Monday.

The New York company said revenue at its commercial property and casualty insurance company CNA Financial fell 5 percent to $2.3 billion. It also fell 10 percent to $632 million at oil drilling company Diamond Offshore. Revenue edged up 1 percent to $299 million at its Boardwalk Pipeline natural gas transportation company and jumped 49 percent to $167 million at its Loews Hotels unit.

Loews reported earnings of $170 million, or 46 cents per share, compared with $116 million, or 30 cents per share, a year earlier.

Revenue slipped 4 percent to $3.44 billion.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on L at http://www.zacks.com/ap/L

_____

Keywords: Loews, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.