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Loews 8-K Report, Financial Results (May 6, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 6, 2024
Period End
May 6, 2024
Security
L
In the record · 2016–202610-K1110-Q338-K83

L filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’20Apr ’20
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed May 6, 2024. Cited figures are marked; the original filing is the authoritative source.

Loews Corporation reported net income of $457 milliona, or $2.05 per share, for the first quarter of 2024, compared with $375 million, or $1.61 per share, in the first quarter of 2023.

The increase was driven by stronger results at CNA Financial and Boardwalk Pipelines, along with higher investment returns at the parent company. CNA contributed $310 millionb of net income attributable to Loews (up from $268 million), with core income of $355 million versus $325 million and a property and casualty combined ratio of 94.6% compared with 93.9%. Boardwalk's net income rose to $121 million from $86 million, and its EBITDA increased to $307 million from $256 million.

Loews Hotels & Co's net income declined to $16 millionc from $24 million, with Adjusted EBITDA of $80 million versus $86 million. Book value per share was $72.87 at March 31, 2024, up from $70.69 at December 31, 2023, and book value per share excluding AOCI was $83.68, up from $81.92. The parent company held $3.2 billion of cash and investments and $1.8 billion of debt as of March 31, 2024.

Since December 31, 2023, Loews repurchased 0.9 million shares for $67 milliond, and management said it slowed repurchases in the first quarter because the share price was at or near all-time highs. The earnings remarks also disclosed that Boardwalk's CEO Stan Horton will retire in June 2024 and be succeeded by Scott Hallam, and that the Loews Arlington Hotel opened in February 2024 with 888 rooms. The filing furnishes the press release and earnings remarks as Exhibits 99.1 and 99.2 and states that this information is not deemed filed under Section 18 of the Exchange Act.

02—Key points

Key Highlights

  1. Net income attributable to Loews rose to $457 million ($2.05 per share) from $375 million ($1.61 per share) in Q1 2023.
  2. CNA Financial net income attributable to Loews was $310 million versus $268 million, with core income of $355 million versus $325 million; the P&C combined ratio was 94.6% versus 93.9%.
  3. Boardwalk Pipelines net income increased to $121 million from $86 million, and EBITDA rose to $307 million from $256 million, driven by re-contracting at higher rates and growth projects.
  4. Loews Hotels & Co net income fell to $16 million from $24 million, with Adjusted EBITDA of $80 million versus $86 million, mainly due to lower Orlando occupancy.
  5. Book value per share excluding AOCI increased to $83.68 at March 31, 2024, from $81.92 at December 31, 2023.
  6. The parent company had $3.2 billion of cash and investments and $1.8 billion of debt at March 31, 2024; Loews repurchased 0.9 million shares for $67 million since year-end 2023.
  7. Boardwalk CEO Stan Horton will retire in June and be succeeded by Scott Hallam, currently President and Chief Operating Officer.

03—Questions

Frequently Asked Questions

  1. What were Loews Corporation's first quarter 2024 earnings?

    Loews reported net income attributable to Loews Corporation of $457 million, or $2.05 per share, compared with $375 million, or $1.61 per share, in the first quarter of 2023.

  2. What drove the year-over-year improvement in results?

    The filing attributes the increase to higher net investment income and favorable net prior year loss reserve development at CNA, higher revenues from re-contracting at higher rates and growth projects at Boardwalk, and higher returns on parent company equity securities. These were partially offset by higher net catastrophe losses at CNA.

  3. How did Loews' share repurchases and book value change?

    Loews repurchased 0.9 million shares for $67 million since December 31, 2023. Book value per share excluding AOCI rose to $83.68 from $81.92, while book value per share was $72.87, up from $70.69. Management said repurchases slowed in the first quarter because the share price was near all-time highs.

  4. What leadership changes were announced at Boardwalk Pipelines?

    Stan Horton will retire as CEO of Boardwalk in June and will remain on its Board. Scott Hallam, currently President and Chief Operating Officer, will succeed him as CEO and will also join the Board.

  5. What is the status of Loews Hotels' expansion?

    The 888-room Loews Arlington Hotel began welcoming guests on February 13, 2024. Two 750-room Orlando hotels are expected to open in January and February 2025, and a 500-room property is expected later in 2025. Loews anticipates managing and holding a 50% interest in 11 Orlando properties with 11,000 rooms by the end of 2025.

04—Continue

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