Loews 2Q profit climbs 46 percent, but insurance and oil drilling revenues drop; shares fall

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NEW YORK — The holding company Loews said Monday that its second-quarter net income rose more than 46 percent, even as revenue fell at its insurance and oil drilling businesses.

Shares of Lowes Corp. fell $1.11, or 2.9 percent, to $37 in afternoon trading Monday.

The New York company said revenue at its commercial property and casualty insurance company CNA Financial fell 5 percent to $2.3 billion. It also fell 10 percent to $632 million at oil drilling company Diamond Offshore. Revenue edged up 1 percent to $299 million at its Boardwalk Pipeline natural gas transportation company and jumped 49 percent to $167 million at its Loews Hotels unit.

Loews reported earnings of $170 million, or 46 cents per share, compared with $116 million, or 30 cents per share, a year earlier.

Revenue slipped 4 percent to $3.44 billion.


Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on L at http://www.zacks.com/ap/L


Keywords: Loews, Earnings Report

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