Loading...
•
Mar 31, 2020
Loews Q1 2020 Earnings Report
Loews Corporation reported a net loss for the first quarter of 2020, impacted by drilling rig impairment charges, a decline in net investment income, net investment losses, and decreased results from Loews Hotels & Co, further affected by the COVID-19 pandemic.
Key Takeaways
Loews Corporation reported a net loss of $632 million for the first quarter of 2020, a significant decrease compared to the net income of $394 million in the same period of 2019. The results were primarily affected by drilling rig impairment charges from Diamond Offshore, a decline in net investment income from CNA Financial and the parent company, net investment losses from CNA, and decreased results from Loews Hotels & Co, with the COVID-19 pandemic further impacting the company's performance.
Loews Corporation reported a net loss of $632 million, or $2.20 per share, for Q1 2020, compared to a net income of $394 million, or $1.27 per share, in Q1 2019.
Drilling rig impairment charges from Diamond Offshore Drilling, Inc. contributed to a $408 million loss.
Net investment income from CNA Financial Corporation and the parent company declined by $363 million.
The COVID-19 pandemic significantly affected Loews' results in the first quarter of 2020, particularly impacting Loews Hotels & Co.
Loews
Loews
Loews Revenue by Segment
Revenue by Segment
CNA Financial Revenue
CapyFin.comBoardwalk Pipelines Revenue
CapyFin.comLoews Hotels & Co Revenue
CapyFin.comInvestment Income & Other Revenue
CapyFin.com Forward Guidance
Loews expects to record a significant non-cash loss in the second quarter of 2020 to recognize the difference between the carrying value and estimated fair value of our interest in Diamond Offshore.
Revenue & Expenses
Visualization of income flow from segment revenue to net income