Tue, Nov. 10, 12:51 PM
Mon, Nov. 2, 11:19 AM
- Q3 net income from continuing operations of $182M or $0.50 per share vs. $179M and $0.47 one year ago.
- Diamond Offshore earnings of $47M up from $25M a year ago. Last year had a $55M impairment charge - excluding this, earnings declined amid lower rig utilization and increased depreciation and interest expense. Boardwalk Pipeline earnings of $18M up from $8M. CNA Financial earnings of $190M up from $164M; investment loss of $29M vs. a gain of $24M a year ago.
- Book value per share (excl. AOCI) of $52.59 up from $50.32. Current price is $36.97.
- 8.7M shares repurchased during quarter for total cost of $328M. 16.3M shares repurchased in nine months ended Sept. 30 for $633M. 3.3M shares bought back during October for $120M. The float is over 360M shares.
- Conference call is underway
- Previously: Loews misses by $0.09 (Nov. 2)
- L +1.25%
Mon, Nov. 2, 6:02 AM
Sun, Nov. 1, 5:30 PM
Sat, Sep. 12, 10:50 AM
- A self-proclaimed "kid in a candy store" in 2011, Lowes (NYSE:L) CIO Joe Rosenberg isn't as excited now as he was then, but he remains a long-term bull and sees a few particular pockets of value.
- Source: Barron's
- On oil, either OPEC and non-OPEC countries reach an agreement to cut production and the price spikes upward, or there isn't an agreement and the price collapses - wiping out a lot of production. Either way, the price moves higher, says Rosenberg, and energy stocks (XLE, OIH) have likely bottomed.
- Rosenberg doesn't think the dividend gets cut at Chevron (NYSE:CVX), noting board members like John Stumpf were buyers of the stock at much higher levels. "The probability of them then agreeing to a dividend cut seems somewhat remote." A similar case can be made for Shell (RDS.A, RDS.B) or ExxonMobile (NYSE:XOM).
- Catalysts for Johnson & Johnson (NYSE:JNJ) include a breakup into three companies, and better capital allocation - notably, getting far more aggressive with share repurchases. "JNJ could raise $50B in the bond market in a heartbeat and use that money to buy back stock." Don't rule out an activist investor if management doesn't get with it.
- Ford (NYSE:F) and General Motors (NYSE:GM) are "incredibly cheap," says Rosenberg. The strong sales pace is sustainable because the average age of cars on the road in the U.S. is about 11 years - they need to be replaced. "The stocks are discounting a very bearish scenario."
Tue, Aug. 11, 12:47 PM
Mon, Aug. 3, 6:02 AM
Sun, Aug. 2, 5:30 PM
Thu, Jun. 25, 3:43 AM
- Executive compensation is generally geared toward results, but some CEOs still got massive pay packages in 2014 even though their investors didn't do so well. Notables:
- Philippe Dauman of Viacom (VIA, VIAB) +19.2% to $44.3M (shareholder return -6.6%)
- Jeff Immelt of General Electric (NYSE:GE) +88.4% to $37.3M (shareholder return -6.7%)
- James McNerney of Boeing (NYSE:BA) +24.1% to $28.9M (shareholder return -2.5%)
- Virginia Rometty of IBM (NYSE:IBM) +38.5% to $19.3M (shareholder return -12.4%)
- James Tisch of Loews (NYSE:L) +77.6% to $10.5M (shareholder return -12.4%)
Tue, May 12, 11:21 AM
Mon, May 4, 8:27 AM
- Q1 income from continuing operations of $109M or $0.29 per share vs. $265M and $0.68 one year ago. Excluding asset impairment charges of $158M at Diamond Offshore and $55M at Boardwalk Pipeline Partners (in 2014), income of $267M vs. $320M a year ago.
- Book value per share (excl. AOCI) of $51.18 up from $50.95 at start of year and $49.43 a year ago. Friday's close was $41.73.
- Net investment gains of $8M vs. $24M.
- 1.8M shares repurchased during Q at a total cost of $71M. Total float of 371.4M shares at quarter's end. Another 900K shares of Diamond Offshore stock bought back for $24M.
- Conference call at 11 ET
- Previously: Improved investment income, lower catastrophes boost CNA Financial results (May 4)
- Previously: Diamond Offshore Drilling beats by $0.07, beats on revenue (May 4)
- Previously: Boardwalk Pipeline Partners misses by $0.06, misses on revenue (May 4)
- Previously: Loews EPS of $0.29 (May 4)
- L flat premarket
Mon, May 4, 6:03 AM
Sun, May 3, 5:30 PM
Tue, Feb. 17, 9:24 AM
Tue, Feb. 10, 12:48 PM
Mon, Feb. 9, 8:16 AM
- Q4 income from continuing operations of $215M or $0.57 per share vs. $248M and $0.64 one year ago. Book value excluding AOCI of $50.95 vs. $49.38. Friday's closing price of $40.74 puts the stock price of these masters of capital allocation at a a 20% discount to book.
- CNA's earnings were impacted by a $49M charge related to a lump sum pension plan settlement. Diamond Offshore Drilling's earnings improved thanks to the absence of a prior year tax provision of $27M. Boardwalk Pipeline Partners' earnings improved thanks to absence of a $16M goodwill charge the previous year. Loews Hotels' earnings increased due to higher equity earnings from JV properties as a result of improved performance of the Universal Orlando properties.
- Q4 buybacks of 5M shares for $207M. Full-year buybacks of 14.6M shares for $622M.
- Conference call at 11 ET
- Previously: Loews beats by $0.04 (Feb. 9)
- L flat premarket
Loews Corp through its subsidiaries is engaged in commercial property & casualty insurance, operation of offshore oil & gas drilling rigs, production of natural gas and liquids, operation of interstate natural gas pipeline and operation of hotels.
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