Loews Corp. (L) trades down 6% after missing earnings estimates

NYSE: L | Loews Corporation Common Stock News, Ratings, and Charts

L – Loews Corp. reported a loss in the last quarter of 2018 as the company’s revenue fell.

Loews Corp. L, -5.74% reported a loss in the last quarter of 2018 as the company’s revenue fell and insurance claims and policyholders’ benefits costs climbed about 27%.

Loews said it had a loss of $165 million. That compared with a profit of $481 million for the comparable quarter a year prior. The loss came out to 53 cents a share. That compares to a profit for the comparable quarter a year earlier of $1.43 a share.

The comparable quarter a year prior included a $200 million net benefit from the new tax law, the company said.

Total revenue dropped 7.5% to $3.29 billion. It fell in every division except Loews Hotels & Co.

Total expenses rose 14% to $3.52 billion. Within that, insurance claims and policyholders’ benefits costs rose to $1.59 billion.


Loews Corp. shares were trading at $44.57 per share on Monday afternoon, down $2.90 (-6.11%). Year-to-date, L has declined -2.09%, versus a 8.20% rise in the benchmark S&P 500 index during the same period.

L currently has a StockNews.com POWR Rating of B (Buy), and is ranked #20 of 55 stocks in the Insurance – Property & Casualty category.


This article is brought to you courtesy of MarketWatch.

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