Loews Q4 earnings rise on insurance and pipelines strength, net investment gain (NYSE:L)
Loews (NYSE:L) Q4 earnings rose as it recorded net investment gains, while profits at its CNA insurance and Boardwalk Pipelines businesses rose sequentially and year-over-year.
Q4 GAAP EPS of $1.99 rose from $1.12 in Q3 2023 and $1.49 in Q4 2022. During the year. Loews repurchased 14.0M of its common shares for $852M.
Q4 total revenue of $4.26B increased from $3.93B in the previous quarter and $3.79B a year ago.
Total net investment gains were $4M compared with net investment losses of $22M in the prior quarter and loss of $23M a year ago.
Q4 net income before net investment gains/losses climbed to $442M from $280M in Q3 and $378M in Q4 2022
Book value per share of $70.69 at Dec. 31, 2023 vs. $64.43 at Sept. 30, 2023. Excluding accumulated other comprehensive income, book value per share rose to $81.92 from $79.92 at the end of Q3.
CNA core income of $362M vs. $289M in Q3 and $265M in Q4 2022.
Boardwalk Pipelines EBITDA rose to $260M from $202M in the prior quarter and $248M a year ago.
Loews Hotels & Co. adjusted EBITDA of $83M vs. $60M in Q3 and $85M in Q4 2022.
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