Loews Corporation (NYSE:L) Hits New High on 4Q10 Beat

Loews Corporation (NYSE:L) jumped to its new annual high in its last trading sessions after reporting its fourth fiscal quarter results on Monday. The Company reported fourth fiscal quarter revenue of $3.71 billion, down 2.88% year over year from $3.82 million a year ago, below the street consensus of $3.89 billion. Net income in the quarter soared 15.63% year over year to $466 million or $1.12 per diluted share from $403 million or $0.94 cents per share a year ago. Analysts on an average were expecting to post earnings per share of $0.88 per share for the fourth fiscal quarter. This increase off 15.63% in earnings is driven by strong investment income from its financial services subsidiary. Book value per share during the quarter was $44.51 compared to $45.31 in the third fiscal quarter and $39.76 in the same quarter last year. The change during the year was partially driven by the impact of changing interest rates on the fair value of CNA's fixed maturities investment portfolio. The company repurchased 1.8 million shares in the quarter for $68 million. Revenue for the full year 2010 decreased to $14.61 billion from $14.12 billion a year ago and net income rose to $1.29 billion or $3.07 per share compared to $0.56 million or $1.30 per share in the prior year. Shares of a holding company gained 4.52% or $1.87 after the company reported an increase of 15.63% in its fourth fiscal quarter earnings. The stock climbed to its new annual high of $45.31, its annual low being $30.22. Volume of 2.53 million shares has been trade compared to the daily average of 1.07 million shares. The market capitalization of the stock stands at $18.01 billion with P/E of 14.71 and beta of 1.21. Loews Corporation, through its subsidiaries, operates primarily as a commercial property and casualty insurance company in the United States. It provides professional liability and other coverage's through property and casualty products and service. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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