Loews 3Q profit rises, revenue dips slightly

Loews 3rd-quarter profit climbs, helped by higher earnings at insurance division

Associated Press

NEWS: Loews' third-quarter net income climbed 59 percent, helped by higher earnings at its insurance division.

DETAILS: The holding company said Monday that earnings for its biggest unit, CNA Financial, rose 25 percent to $244 million from $195 million. Earnings for Diamond Offshore declined. Boardwalk Pipeline earnings were nearly flat.

NUMBERS: For the three months ended Sept. 30, Loews Corp. earned $282 million, or 73 cents per share. That compares with $177 million, or 45 cents per share, a year earlier.

Taking out impairment charges, Loews earned $324 million versus $343 million for the prior-year period.

Revenue dipped slightly to $3.7 billion from $3.71 billion.

STOCK: The shares closed at $48.81 on Friday.

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