Loews Reports Strong Third-Quarter Revenue Growth
By Will Feuer
Loews, a New York City-based conglomerate with operations in insurance, energy, and hotels, has announced impressive financial results for the third quarter of this year. The company reported a profit of $253 million, or $1.12 per share, marking a significant increase from its loss of $22 million, or nine cents per share, during the same period last year. It is worth noting that the year-ago figures have been adjusted to reflect the adoption of new accounting standards.
Loews' total revenue for the quarter reached $3.93 billion, up from $3.46 billion in the previous year. The company's CNA Financial insurance business, which is its largest revenue contributor, experienced a notable increase in revenue, rising to $3.34 billion compared to $2.96 billion in the year-ago period.
Additionally, Loews saw growth in its other segments as well. Revenue from its Boardwalk pipeline business climbed to $363 million from $339 million, while the hotels unit reported revenue of $196 million, up from $180 million the previous year.
These positive results demonstrate Loews' successful strategy and strong performance across its diverse business portfolio.
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