Shares of $15.7 billion (market cap) property and casualty insurer Loews (L) are up 24 cents, or 0.7%, at $37.48 after the company this morning reported Q1 revenue of $3.7 billion, up 23%, year over year, and ahead of the $3.39 billion average estimate.
Profit per share of 99 cents was 3 cents better than expected, and a big improvement from the year-earlier net loss of $1.49.
Book value rose to $41.80 from $39.76 at December 31st, the company said.
Insurance premia declined to $1.62 billion from $1.67 billion a year earlier, while net investment income on the holding company’s portfolio rose 38% to $617.
Loews also owns 50% of Diamond Offshore Drilling (DO), and revenue from the contract drilling segment of the business dipped 1% to $844 million.
Revenue at the company’s natural gas pipeline investment, Boardwalk Pipeline (BWP), which had previously reported, rose during the quarter.
Loews said nothing in the press release about the potential impact to Diamond of the BP (BP) spill in the Gulf of Mexico, which has hit shares of Diamond peer Transocean (RIG) hard.
However, Loews management will speak in more detail on a conference call at 11 am, Eastern, which you can listen to here.
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