Loews Corp. Monday logged greater earnings in the third quarter, as business improved at its subsidiaries.
The New York City-based company, which has energy, insurance and hotel lines of business, reported earnings of 85 cents a share, a rise from 50 cents a share in the same three-month period a year earlier. Total net income attributable to the company was $220 million, up from $139 million last year.
Revenue declined to $3.37 billion, from $3.47 billion in 2020’s third quarter. Revenue rose, however, at each of Loews’s three consolidated subsidiaries.
Loews’s CNA Financial insurance business saw revenue grow to $2.96 billion from $2.84 billion in 2020’s third quarter. The Boardwalk Pipelines business’s revenue revenue rose to $307 million from $289 million a year earlier. Loews Hotels & Co. revenue climbed to $134 million from $60 million.