Have you been eager to see how Loews Corporation (L - Free Report) performed in the third quarter in comparison with the market expectations? Let’s quickly scan through the key facts from this OH-based property and casualty insurer’s earnings release this morning
An Earnings Miss
Loews reported earnings per share of 88 cents per share, missing the Zacks Consensus Estimate of 98 cents by 10.2%. The bottom line however, surged 91.3% year over year.
Loews Corporation Price and EPS Surprise
How Was the Estimate Revision Trend?
You should note that there was no earnings momentum for Loews prior to the earnings release. Loews has a decent earnings surprise history. The company surpassed the Zacks Consensus Estimate by an average of 5.82% in the trailing four quarters.
• Operating revenue of $3.6 billion increased 2.5% year over year.
• Total expenses decreased 0.1% year over year to $3.2 billion.
• Book value as of Sep 30, 2018 was $62.58 per share, up 8.1% from $57.83 as of Dec 31, 2017.
• Repurchased $88 million worth shares.
What Zacks Rank Says
Loews carries Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this L earnings report later!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>