Loews Corporation (NYSE: L) shares cleared breakeven Monday as the company came out with second-quarter earnings.
The New York-based Loews reported net income for the three months ended June 30, 2018 of $230 million, or $0.72 per share, compared to $231 million, or $0.69 per share, in the prior year period.
Net income for the six months ended June 30, 2018 was $523 million, or $1.61 per share, compared to $526 million, or $1.56 per share, in the prior year period. The increased earnings per share for the quarter and year to date periods reflect share repurchase activity in 2017 and 2018.
Net income for the three months ended June 30, 2018 was essentially unchanged from the prior year period, as lower earnings at Diamond Offshore Drilling, Inc. and CNA Financial Corporation were offset by improved results from the parent company investment portfolio and higher earnings at Boardwalk Pipeline Partners, LP and Loews Hotels & Co.
Net income for the six months ended June 30, 2018 decreased slightly as compared to the prior year period due primarily to lower earnings at Diamond Offshore.
Book value per share increased to $59.72 at June 30, 2018 from $57.83 at December 31, 2017. Book value per share excluding accumulated other comprehensive income (AOCI) increased to $61.69 at June 30, 2018 from $57.91 at December 31, 2017.
The increase in book value per share is primarily attributable to the commitment to purchase Boardwalk Pipeline common units not already owned by the Company.
Shares acquired 31 cents to $50.08 mid-morning Monday.
