[ The transcript was presubmitted by Loews Corporation.
No live call was conducted for the first quarter earnings call.
]
Good morning and welcome to our first quarter 2024 earnings report.
Loews had an exceptional quarter, reporting net income of $457 million or $2.05 per share compared to net income of $375 million or $1.61 per share in the first quarter of 2023.
The more-than-20% year-over-year increase in net income is due to strong results at CNA and Boardwalk, as well as higher net investment income at the parent company.
reported more highlight our were for CNA's see the provide I her pleased the will in that to income a wanted stellar company fourth Jane quarter details $XXX row. resultsin about remarks, to excess in While of underwriting million underlying first quarter.
We
reinvestment XX% LP improved and stock results. CNA's a in investment and year-over-year results also income rates net increase included due to higher common
in fluctuations, and foreseeable LP are stock fixed we be expect to common yields future. the yearly the While subject a higher portfolios the for portfolio income to tailwind
like Stan For currently Boardwalk and and review establishing the June and of Chief the significant transformation, retire the also it join company's Boardwalk's remainder Loews A of midstream on President is growth my succeeded in developments industry. announced key be new will company will as Board. the Board ago, headlines: remarks, Boardwalk position Hotels at will and Scott I'd retain that changes weeks in player Scott and CEO guiding share Hallam, Horton who repurchases. will been his to few instrumental joined as executive in at by and three Operating in Pipelines, Directors through Officer.
Stan Boardwalk a Boardwalk's has XXXX Stan
and in financially the growth significantly leadership of resulted and These to today. and companies. invested gas in as its We Boardwalk's for and operationally and that -- employees business.
More gas by area team marketers company. management new LNG expertise, projects storage substantial Stan from stability quality are transformed customer identifying attractive with mostly quality improved responsible which into growth led transportation power of the grateful recently, producers and a building acquisitions. of for the was users the growth In large Boardwalk's industrial also Stan primarily talented and that base the team the -- deeply business and generators, liquids NGL mostly particular, Stan's -- contributions enhanced significant market and natural it and successfully projects a revenues an in end Stan conjunction Boardwalk strong have converting exporters is
while remarkable experience integrity. sheet.
Boardwalk's level talent highest these Loews is asked results for could have achieved the next over collaborative such has solid a at and with Environmental better a for and Companies bench midstream, was or September President Boardwalk decades future XXXX, in leader, of two gas joining Stan established and to upstream, at operating joined the foundation company not Safety. areas roles Vice bringing Construction, with Commercial, deep Operations, a strong as Finally, success Senior and of partner. of Stan Hallam, industries. balance leaving Engineering, in Boardwalk a more of natural him had numerous and Scott with the and Boardwalk, Scott downstream a in NGL Prior leadership Williams held the
Over the been leadership industry. we pipeline the seven impressed Scott's past with of and months, have knowledge
that confident with to We his leadership. will Boardwalk new excel are excited role to work his in and under are Scott continue
opening already due business customers the quarter. of Orlando, North its meeting Arlington, has In Hotel saying The X,XXX attracted much-anticipated partnership a space, square Arlington group of substantial that new team business contains about course, is and will total to Loews the feet next on park's in performance continue professional of a National operate XXXX.
The that Of hotels goes including without best-in-class the this Texas sports fantastic welcoming Scott. property CEO.
Boardwalk combined on it and solely a event in and in theme three three has on February to with in prime "Epic scheduled stadiums Universe" management Medal of location April not conjunction of Honor open construction continues the ballroom Museum, its XXth, to Texas. rooms XXX,XXX Loews Universal Loews opened to dependent campus. Hotels Arlington with largest new business's the in with XXX-room began
opening We the Universal Luna which those are to excited first open and of of have is to of rooms.
The announce dates Stella February of will open each in Nova January Resort in expected is Resort the XXXX, hotels, Terra XXXX. for two XXX to Universal the expected
the XXX with we and By Universal the and XX properties XXXX. a in Grand months. in Hotels Orlando, of expected XX% the a is of in XX,XXX combined coming third have open look more property The Helios, Loews We total forward rooms. XXXX, have anticipate later details to rooms under interest manage end providing development, will to will in
slowed Next, almost I recent update highs. an since share the in end We quarter Since the the you just shares $XX want share rate share shares, to or repurchase first XXX,XXX Loews's we to on XXXX all-time end the the that of XXX,XXX down given million in first under repurchases. was over at quarter XXX,XXX of near shares just first give spent and our including the repurchases quarter. price of
we paid Loews discount are to the XX million repurchases to that approximately last our Share remain year our capital share stock $XX shares trades higher about to per context, price and value. that strategy now believe at For than continue trading shares. to allocation its intrinsic average XX% of integral we repurchase a
investments. I to investor, Monday. had sad Loews results to offer, over am him.
Joe included loved and it nose the great in Strategist, currencies our He – "Take markets who Joe, away from to Jim was global the his detail, and said a investment and later insights investing my best Joe discuss the hour of arrived a in much was income, than long-time He in to value in Rolodex greater in I to years XXXX, father thinker often turn that with to not, XX business." business. Rosenberg, first the I Jane an at consummate Investment report teach quarter that and learning nose fixed Loews's thoughts still led more Chief June to last commodities, stocks. about talking for I When was and, proficient Before passed anyone
of at respected beloved us, XX-year Loews Joe all. to He course will by a many tenure the of sorely Over his mentor Corporation, and was be missed.
