Loews Corp. Earnings Cheat Sheet: Misses Expectations

S&P 500 (NYSE:SPY) component Loews Corporation (NYSE:L) reported its results for the second quarter. Through its subsidiaries, Loews Corporation is involved in commercial property and casualty insurance, operation of offshore oil and gas drilling rigs, production of natural gas and liquids, operation of interstate natural gas pipeline and operation of hotels.

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Loews Earnings Cheat Sheet for the Second Quarter

Results: Net income for the property and casualty insurance company fell to $252 million (62 cents per share) vs. $366 million (87 cents per share) a year earlier. This is a decline of 31.1% from the year earlier quarter.

Revenue: Rose 1.6% to $3.54 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: L fell short of the mean analyst estimate of 75 cents per share.

Key Stats:

A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the fourth quarter of the last fiscal year, which saw a 2.8% decrease.

The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 9% from the year earlier quarter.

The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by 2 cents with net income of 89 cents versus a mean estimate of net income of 91 cents per share.

Competitors to Watch: CNA Financial Corporation (NYSE:CNA), The Chubb Corporation (NYSE:CB), The Travelers Companies, Inc. (NYSE:TRV), W.R. Berkley Corporation (NYSE:WRB), Markel Corporation (NYSE:MKL), American Financial Group (NYSE:AFG), American Intl. Group, Inc. (NYSE:AIG), Old Republic Intl. Corp. (NYSE:ORI), Cincinnati Financial Corp. (NASDAQ:CINF), and RLI Corp. (NYSE:RLI).

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(Source: Xignite Financials)

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