Loews Clocks Strong Q2 Performance, CEO James Tisch To Retire, Benjamin Tisch Named Successor

Loews Corp L reported second-quarter 2024 net income of $369 million, up 2.5% year-over-year. EPS was $1.67, up from $1.58 year-ago.

Revenues grew to $4.27 billion from $3.39 billion a year ago.

CNA Financial Corp CAN revenue contribution increased to $3.52 billion from $3.30 billion a year ago, and net income rose to $291 million from $255 million a year ago.

CNA’s net income attributable to Loews improved year-over-year due to higher net investment income partially offset by higher catastrophe losses.

Boardwalk Pipelines segment’s revenues rose to $488 million from $365 million in the year-ago quarter, and net income rose to $70 million from $57 million the prior year.

Boardwalk Pipelines’ results improved year-over-year due to higher re-contracting rates and new growth projects.

“Loews had another good quarter driven by strong results at CNA and Boardwalk. CNA continued to experience profitable growth while Boardwalk capitalized on strong fundamentals in the natural gas pipeline business,” commented James S. Tisch, President and CEO.

Loews Hotels’ revenues declined to $251 million from $254 million a year ago, and net income fell to $35 million from $74 million a year ago. The decline was due to lower joint venture income and higher expenses from the new Loews Arlington Hotel despite a $36 million acquisition gain.

As of June 30, 2024, the company had $3.1 billion in cash and investments and $1.8 billion in debt.

Loews repurchased 2.4 million shares for $180 million in Q2 and an additional 0.2 million shares for $14 million in Q3. As of June 30, 2024, there were 219.7 million shares outstanding.

Additionally, Lowes announced the retirement of James Tisch as President & CEO as of December 31, 2024; Benjamin Tisch was elected as successor. James Tisch will become chairman of the board, and Benjamin and Alexander Tisch will join the board. Andrew and Jonathan Tisch will transition to Directors Emeriti.

Price Action: L shares were trading higher by 6.13% at $85.00 premarket at the last check on Monday.

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