Loews (US:L)2025-05-05 10:05Financial Performance - Loews Corporation reported net income of $370 million, or $1.74 per share, for Q1 2025, down from $457 million, or $2.05 per share, in Q1 2024, representing a decrease of 19.1% in net income [2]. - CNA Financial's net income attributable to Loews decreased to $252 million in Q1 2025 from $310 million in Q1 2024, primarily due to lower underwriting income [3]. - Boardwalk Pipelines' net income increased to $152 million in Q1 2025, up from $121 million in Q1 2024, driven by higher revenues from re-contracting at increased rates [3]. - Loews Hotels reported a net income of $0 million in Q1 2025, down from $16 million in Q1 2024, mainly due to lower equity income from joint ventures [3]. - Total revenues for Loews Corporation increased to $4.494 billion in Q1 2025, compared to $4.231 billion in Q1 2024, marking a growth of 6.2% [12]. Financial Ratios and Metrics - The combined ratio for CNA Financial increased to 98.4% in Q1 2025 from 94.6% in Q1 2024, largely due to unfavorable net prior year loss reserve development [18]. - Property and Casualty catastrophe losses were $97 million in Q1 2025, including $53 million from California wildfires, compared to $88 million in the previous year [6]. - Book value per share, excluding AOCI, increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024 [3]. Cash and Investments - Loews Corporation had $3.5 billion in cash and investments and $1.8 billion in debt as of March 31, 2025 [3]. - Loews Corporation repurchased 5.1 million shares of its common stock for a total cost of $429 million since December 31, 2024 [3]. Loews Hotels Performance - Loews Hotels & Co reported a net income attributable to Loews Corporation of -$0 million for Q1 2025, compared to $16 million in Q1 2024 [21]. - Adjusted EBITDA for Loews Hotels & Co increased to $81 million in Q1 2025, up from $80 million in Q1 2024, reflecting a slight growth of 1.25% [21]. - The company's EBITDA decreased to $41 million in Q1 2025, down from $54 million in Q1 2024, representing a decline of approximately 24% [21]. - Loews Hotels & Co's equity method income decreased to $6 million in Q1 2025 from $27 million in Q1 2024, a decline of about 77.78% [21]. - Pro rata Adjusted EBITDA of equity method investments decreased to $46 million in Q1 2025, down from $56 million in Q1 2024, a decrease of 17.86% [21]. Expenses and Impairments - Interest expense increased to $13 million in Q1 2025 from $5 million in Q1 2024, marking a significant increase of 160% [21]. - Depreciation and amortization expenses rose to $24 million in Q1 2025, compared to $21 million in Q1 2024, an increase of approximately 14.29% [21]. - Asset impairments were recorded at $9 million in Q1 2025, indicating new challenges in asset valuation [21]. - Distributions in excess of basis increased to $9 million in Q1 2025 from $7 million in Q1 2024, a rise of 28.57% [21]. - Noncontrolling interest share of EBITDA adjustments improved slightly, with a reduction in adjustments from -$2 million in Q1 2024 to -$1 million in Q1 2025 [21].