Tuesday, 6 February 2024

Earnings Summary: Loews Corp. (L) reports higher Q4 revenue and profit

by Rose White

Earnings Summary: Loews Corp. (L) reports higher Q4 revenue and profit

Loews Corporation (NYSE: L), a diversified company with businesses in the insurance, energy, hospitality, and packaging industries, on Monday reported an increase in revenues and earnings for the fourth quarter.

  • Q4 net income increased 26% annually to $446 million or $1.99 per share from $355 million or $1.49 per share in the prior-year quarter
  • Total revenues came in at $4.26 billion in the December quarter, compared to $3.79 billion a year earlier
  • The company repurchased 2.1 million shares of its common stock for a total cost of $141 million through the end of the quarter
  • Book value per share, excluding accumulated other comprehensive income, increased 9% annually to $81.92 as of December 31
  • As of December 31, the parent company had $2.6 billion of cash and investments and $1.8 billion of debt

The post Earnings Summary: Loews Corp. (L) reports higher Q4 revenue and profit first appeared on AlphaStreet.

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