Loews Corp Earnings: Misses Estimates

S&P 500 (NYSE:SPY) component Loews Corporation (NYSE:L) reported its results for the fourth quarter. Through its subsidiaries, Loews 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 Fourth Quarter

Results: Net income for the property and casualty insurance company fell to $268 million (67 cents per share) vs. $466 million ($1.12 per share) a year earlier. This is a decline of 42.5% from the year earlier quarter.

Revenue: Fell 6.4% to $3.48 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: Loews Corporation fell short of the mean analyst estimate of 84 cents per share.

Key Stats:

The company has now missed analyst estimates for the last four quarters. It fell short by 10 cents in the third quarter, by 16 cents in the second quarter, and by 2 cents in the first quarter.

Net income has increased 56.6% year over year on average across the last five quarters. The biggest gain came in the third, when income climbed more than fourfold from the year earlier quarter.

Revenue has fallen in the past two quarters. In the third quarter, revenue declined 7.1% to $3.44 billion from the year earlier quarter.

Looking Forward: The average estimate for the first quarter of the next fiscal year remains unchanged at 80 cents a share. The average estimate for the fiscal year is $2.76 per share, falling from $2.92 thirty days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com