Loews Corporation (NYSE:L) from reporting a profit boost in the third quarter. Net income for Loews Corporation rose to $162 million (40 cents per share) vs. $36 million (9 cents per share) in the same quarter a year earlier. This is a more than fourfold rise from the year earlier quarter. Revenue fell 7.1% to $3.44 billion from the year earlier quarter. L fell short of the mean analyst estimate of 54 cents per share.
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Cooper Tire & Rubber Co. (NYSE:CTB) in the third quarter as profit dropped from a year earlier. Net income for the rubber and plastics company fell to $17.3 million (27 cents per share) vs. $44.6 million (71 cents per share) a year earlier. This is a decline of 61.3% from the year earlier quarter. Revenue rose 19.3% to $1.05 billion from the year earlier quarter. CTB fell short of the mean analyst estimate of 33 cents per share. It beat the average revenue estimate of $1.01 billion.
Roy Armes, Chief Executive Officer, commented, “We were able to show improvement in our margins during the third quarter even with the persistent challenges of high raw material costs and sluggish demand in key markets and product lines where we have significant exposure. Our sales growth resulted in the Company’s first quarter with over $1 billion of sales.”