Loews, the conglomerate run by the Tisch family, reported a nearly six-fold increase in fourth-quarter profit, helped by improved results at its insurance and drilling units.
Net income at New York-based Loews, whose businesses include financial, tobacco, energy, hotel and watch-making companies, rose to $746.5 million from $127.6 million a year earlier.
Profit attributable to Loews shareholders rose to $609.4 million, or $1.11 a share, from $46 million, or 8 cents a share.
Analysts polled by Reuters Estimates on average forecast profit of 95 cents a share.
Revenue rose 19% to $4.88 billion.
Results benefited as Chicago-based CNA Financial, the No. 7 U.S. commercial insurer and Loews' largest unit, reported a profit of $329 million, or $1.22 a share.
That compared with a year-earlier loss of $217 million, or 92 cents, when CNA took a charge to exit several reinsurance contracts and was hurt by claims related to Hurricane Wilma.
CNA operating profit totaled $1.32 a share. Analysts on average expected profit of $1.01 a share. The insurer used 99% of property and casualty premium income for claims, down from 121.4%. Loews owns 89% of CNA.
Meanwhile, Houston-based Diamond Offshore Drilling, in which Loews has a 54% stake, last Thursday said quarterly profit doubled to $221.4 million, or $1.60 a share, helped by higher drilling revenue.
CIGARETTE SALES RISE
Net income at Carolina Group
Carolina net sales rose 2% to $936.7 million.
Excluding excise taxes, sales totaled $764.6 million. Lorillard brands include Newport, Kent and True.
Profit fell at Boardwalk Pipeline Partners
Loews is run by Chief Executive James Tisch and Co-Chairmen Andrew Tisch and Jonathan Tisch. Andrew and James Tisch's late father, Laurence Tisch, and Jonathan Tisch's late father, Preston Robert Tisch, were also Loews chairmen.