Loews Earnings Cheat Sheet: Top Line Declines, Misses Profit Expectation

S&P 500 (NYSE:SPY) component Loews Corporation (NYSE:L) reported its results for the first 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 (NYSE:UNG) and liquids, operation of interstate natural gas pipeline and operation of hotels.

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Loews Earnings Cheat Sheet for the First Quarter

Results: Net income for the property and casualty insurance company fell to $382 million (92 cents/share) vs. $420 million (99 cents/share) a year earlier. A decline of 9% from the year earlier quarter.

Revenue: Fell 1.2% to $3.67 billion YoY.

Actual vs. Wall St. Expectations: L reported adjusted net income of 89 cents/share. By this measure, the company fell short of the mean analyst estimate of 91 cents/share. Estimates ranged from 84 cents per share to 97 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), Marriott (NYSE:MAR), Hyatt (NYSE:H), Wyndham (NYSE:WYN), Starwood (NYSE:HOT) and RLI Corp. (NYSE:RLI)

Today’s Performance: Shares of L are trading at $42.06 as of May 2, 2011 at 8:30 AM ET, down almost 5% from the previous close.


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