L Loews Corporation

By Austen Hufford

Loews Corp. (L) swung to profit and posted a revenue increase in its latest period as all its main units had increased profitability.

Loews owns the majority of CNA Financial Corp. (CNA), which typically accounts for most of the conglomerate's top line. Revenue from the segment edged up 5.8% in the period.

CNA reported revenue rose 5.8% to $2.4 billion as it swung to a profit of $217 million from a $62 million loss. The prior-year period included a reserve charge. Excluding that charge, earnings increased due to higher net investment income and realized investment gains.

Diamond Offshore Drilling Inc. (DO) saw a 31% revenue decline but swung to a profit, from a loss previously. Excluding an impairment charge in the previous quarter, earnings decreased due to a "substantial" cut in the number of operating rigs.

In all, Loews reported a profit of $268 million compared to a $201 million loss a year before. On a per-share basis, profit was 79 cents compared to a loss of 58 cents in the year-earlier period.

Revenue at Loews grew 0.2% to $3.34 billion.

Loews' other big holding is Boardwalk Pipeline Partners LP (BWP). All three holdings and the parent company are publicly traded. At Boardwalk Pipeline, revenue increased to 7.9% to $355 million.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

February 06, 2017 07:32 ET (12:32 GMT)

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