Loews 1Q Profit Slips While Revenue Rises

Dow Jones

2025/05/05

By Dean Seal

Loews recorded a smaller profit in the first quarter despite higher revenue as its hotels and pipelines segments faltered.

The New York City-based operator of insurance, energy and hotel businesses posted a profit of $370 million, down from $457 million in the same quarter a year earlier.

Quarterly earnings dropped to $1.74 a share from $2.05 a share.

Revenue rose to $4.49 billion from $4.23 billion.

Earnings from the company's CNA Financial insurance business, its largest by revenue, fell due to lower underwriting income, mainly due to unfavorable shifts in its loss reserve.

The company's Boardwalk Pipelines saw higher revenue from re-contracting at higher rates and some recently completed growth projects.

The company's hotels business meanwhile recorded weaker results as it brought in less equity income from joint ventures.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 05, 2025 06:27 ET (10:27 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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