Loews Posts Q4 Profit But Misses Estimates

NEW YORK - Conglomerate Loews Corp (L) reported a fourth-quarter profit on Monday as its CNA Financial Corp (CNA) insurance unit reported a gain on investments, but Loews fell short of analysts' expectations.

New York-based Loews, run by the billionaire Tisch family, posted income from continuing operations of $403 million, or 94 cents a share, compared with a year-earlier loss of $958 million, or $2.20 a share.

Excluding investment gains of 11 cents a share, Loews reported a profit of 83 cents a share, below analysts' average forecast of 95 cents, according to Thomson Reuters I/B/E/S.

The conglomerate said it bought back 5.8 million shares in the quarter for about $205 million.

Loews reported a $217 million boost to earnings from the sale of commercial insurer CNA's stock holdings to Verisk Analytics Inc (VRSK).

Chicago-based CNA reported fourth-quarter net operating income of $246 million, or 81 cents a share, compared with a loss of $336 million, or $1.31 a share, a year earlier.

Loews, which also has hotel and energy businesses, owns a 90 percent stake in CNA.

Source: Reuters

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