Loews Q1 Results Tout Improved Hotels Performance, CNA Revenues Reach Record High

Loews Corp L reported Q1 2023 EPS of $1.61, up from $1.29 a year ago.

• Net income increased to $375 million from $322 million in Q1 2022, led by higher investment returns at the parent company and improved results at Loews Hotels & Co. 
• Revenues were $3.78 billion in Q1 2023 compared to $3.40 billion a year ago.
• CNA Segment's revenues increased to $3.15 billion from $2.89 billion a year ago and net income rose to $268 million from $265 million.
• CNA segment benefited from higher net investment income and a record-high quarter of underlying underwriting income.
• Boardwalk segment's revenues rose to $397 million (vs. $381 million in Q1 2022) on higher revenues from recently completed growth projects, increased utilization-based revenues and re-contracting at higher rates.  
• The segment's net income declined to $86 million (compared to $91 million) due to higher repairs and maintenance costs related to pipeline safety regulatory requirements.
• Loews Hotels' revenues rose to $192 million from $152 million, led by higher occupancy and increased average daily room rates at several hotels. Net income rose to $24 million from $15 million a year ago.
• As of March 31, book value per share rose to $63.41 from $60.81 on Dec. 31, 2022, on share repurchases and improved operating results.
• Repurchase: Loews repurchased shares worth $486 million in the quarter.
• As of March 31, 2023, the cash and investments balance stood at $3.1 billion.

Price Action: Loews shares closed higher by 1.25% at $57.57 on Friday.