Loews earnings rise, but revenue falls as investment income swings to negative due to rise in interest rates

Loews Corp.
L,
-2.69%
reported Monday net income that rose from a year ago but revenue and book value per share that fell, as lower net unrealized investment gains resulted from the rise in interest rates. Net income increased to $338 million, or $1.36 a share, from $261 million, or 97 cents a share, in the year-ago period, as the diversified company said its CNA Financial, Boardwalk Pipelines and Loews Hotels businesses all saw earnings rise. Revenue fell 6.1% to $3.40 billion, as its three businesses all grew revenue but investment income was a loss of $16 million versus a gain of $327 million a year ago. There were not analysts covering the company to provide estimates for results, according to FactSet. Book value per share fell to $67.27 from $71.84. Separately, the company said it spent $129 million to repurchase shares during the quarter. The stock, which was still inactive in premarket trading, has gained 8.8% year to date while the S&P 500
SPX,
-3.63%
has lost 13.3%.