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MarketScreener Homepage  >  Equities  >  Nyse  >  Loews Corporation    L

LOEWS CORPORATION

(L)
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Loews : Q2 2020 Earnings Results Supplement

08/03/2020 | 08:26am EST

EARNINGS SUPPLEMENT

August 2020

2020 Q2

Legal Disclaimers

Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries' earnings releases and SEC filings. We urge you to read those documents, and we specifically direct you to the forward-looking statements disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company, not to update our filings or correct any forecasts - we categorically do not give guidance. Conditions faced by our various businesses may have changed - for better or worse - since the time periods reflected in this presentation and we disclaim any obligation to update the information presented herein. Any statements made in addressing our results are not meant as an indication of the Company's performance since the time of our latest public filings and disclosures.

There are a number of important risk factors that could cause the actual results for each of the companies discussed in this presentation to differ from those expressed in forward-looking statements contained herein, including those risk factors discussed in detail in annual and quarterly reports and other filings made with the SEC by Loews Corporation and its subsidiaries: CNA Financial Corporation, Boardwalk Pipelines and Diamond Offshore Drilling, Inc. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.

Non-GAAPFinancial Measures. Certain financial information presented herein includes non-GAAP financial measures. Management believes

these measures are useful to understanding the key drivers of the Company's operating performance. These non-GAAP measures are reconciled to GAAP numbers herein (or in documents referred to herein).

Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation and its subsidiaries: CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Diamond Offshore Drilling, Inc. contain important additional information about those companies and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.comand such subsidiaries at www.cna.com, www.bwpipelines.comand www.diamondoffshore.com, or at the SEC's website at www.sec.gov.

2

2020 Second Quarter - Key Highlights

  • $3.6 billion in cash and investments at the parent company
  • Net loss of $835 million, or $2.96 per share
    • Net investment loss of $957 million to write down the carrying value of our interest in Diamond Offshore
    • Significant catastrophe losses at CNA
    • Operating losses at Loews Hotels & Co
    • Partially offset by increased net investment income and net investment gains
  • On April 26, 2020, Diamond Offshore and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. As a result, Diamond Offshore was deconsolidated from the Loews consolidated financial statements as of that date.
  • Repurchased 1.0 million Loews shares at an aggregate cost of $33 million

Loews Cash & Investments

June 30,

($ millions)

2020

Portfolio Composition*

Cash & short term investments

$

2,924

Equity securities

445

Limited partnership investments

234

Other

35

Total Cash & Investments

$

3,638

  • Net of receivable and payable positions.
  • Purchased 0.6 million CNA shares at an aggregate cost of $19 million
  • Dividends from subsidiaries totaled $90 million
  • $17.2 billion in shareholders' equity / book value per share of $61.35

Loews press release: http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-financials

All balance sheet data included in this presentation is as of the end of each period presented.

3

Financial Summary

June 30

QTD

YTD

(in millions, except per share data)

2020

2019

2020

2019

Revenues1

$

2,310

$

3,623

$

5,409

$

7,380

Net income (loss)1

(835)

249

(1,467)

643

Net income (loss) per share

(2.96)

0.82

(5.16)

2.09

Dividends paid per share

0.0625

0.0625

0.1250

0.1250

Weighted average shares

281.5

304.5

284.3

307.4

Cash & investments

$

3,638

$

3,534

(Parent company)

Total debt

2,300

1,800

(Parent company)

Book value per share

61.35

64.49

Book value per share excluding AOCI

61.33

64.48

Balance sheet data included on this page is as of the end of each period presented.

1. The 2020 QTD/YTD periods include an investment loss of $1.2 billion ($957 million after tax) to write down the carrying value of our interest in Diamond Offshore as a result of its bankruptcy filing on April 26, 2020.

4

Net Income (Loss) by Segment

($ millions)

CNA

Boardwalk

Hotels

Corporate1

Diamond2

June 30

QTD

YTD

2020

2019

2020

2019

$

135

$

249

$

80

$

554

34

53

99

132

(72)

12

(97)

25

(908)

(13)

(1,073)

21

(24)

(52)

(476)

(89)

Net income (loss) attributable to Loews

$

(835)

$

249

$ (1,467)

$

643

  1. Includes investment income from the parent company's cash and investments, interest expense, other unallocated corporate expenses, the financial results of Altium Packaging and the net investment loss of $957 million related to the write down of the carrying value of our interest in Diamond Offshore.
  2. Includes financial results through the April 26, 2020 deconsolidation of Diamond Offshore.

5

COVID-19 Update

  • CNA's catastrophe losses in Q2 2020 included $182 million (pretax) for COVID-19
    • Underlying business performed well, benefiting from accelerating P&C rate momentum and strong new business writings in the U.S.
  • Boardwalk Pipelines continues to perform as expected, benefiting from long-term firm service contracts and strong customer credit quality
  • Loews Hotels & Co has resumed operations in most of its hotels, with operations in only four properties remaining suspended
    • Occupancy rates remain extremely low
    • Resort destinations faring better than hotels in urban centers due to some pick up in drive-in leisure travel; business travel continues to severely lag
    • Continuing to adjust the operating cost structure of its hotels, defer capital costs and reduce management company costs
    • Established employee hardship relief fund for all impacted team members
    • Significant new and enhanced safety and well-being standards and protocols for both team members and guests
  • Altium Packaging has seen increased demand for household cleaners, water, beverage and pharmaceutical products, partially offset by declines in the food service and automotive end markets
  • The parent company ended Q2 with a cash & investments balance of $3.6 billion
    • Donated $1 million to several different funds that will provide direct support to frontline workers
    • Members of the Office of the President have reduced, by 50%, their salary as of April 1 and their bonus for the entire year

6

Financial Trends

Parent company cash & investments

($ billions as of period-end)

$5.0 $4.9

$3.1 $3.3 $3.6

2016

2017

2018

2019

6/30/20

Dividends from subsidiaries1

($ millions)

$780 $804 $878 $927

$665

2016

2017

2018

2019

YTD 2020

1. Includes dividends received by Loews during each period indicated.

Shares outstanding

(shares in millions as of period-end)

337

332

312

291

280

2016

2017

2018

2019

6/30/20

Shareholders' equity

($ billions as of period-end)

$18.2 $19.2 $18.5 $19.1

$17.2

2016

2017

2018

2019

6/30/20

7

Corporate Structure

Publicly

Traded

Long-term

view,

diversified

$3.6 billion Cash

portfolio, one

& Investments

class of stock

$2.3 billion Debt

Privately

$10.2 billion

Held

Market Cap

Property &

$7.4 billion

89.6%

Net Earned Premiums

Casualty

Ownership

$9.0 billion

Insurance

Market Cap

Natural Gas &

100%

$821 million

NGL Midstream

Ownership

EBITDA1

Deluxe & Luxury

100%

$227 million

Hotels

Ownership

Adjusted EBITDA2

Rigid Plastic

99%

$932 million

Packaging

Ownership

Net Sales

Balance sheet and ownership data is as of June 30, 2020. Market cap data is as of July 31, 2020. All other data is for the year ended December 31, 2019.

  1. See Company Overview Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
  2. See Company Overview Appendix - "Loews Hotels & Co Adjusted EBITDA" for EBITDA to GAAP reconciliation. Loews Hotels & Co is severely impacted by COVID-19 in 2020.

8

CNA Financial - Financial Highlights

Financials1

June 30

QTD

YTD

($ millions, except per share data)

2020

2019

2020

2019

Core income2

$

99

$

294

$

207

$

612

Net investment gains (losses) (after-tax)

52

(16)

(117)

8

Net income

151

278

90

620

Loews accounting adjustments:

Amounts attributable to noncontrolling interests

(16)

(30)

(9)

(66)

Other 3

-

1

(1)

-

Net income attributable to Loews

$

135

$

249

$

80

$

554

Invested assets

$

47,757

$

46,747

$

47,757

$

46,747

Net written premiums

1,930

1,874

3,793

3,680

Combined ratio ex. catastrophes and development

93.4

94.6

93.5

94.8

Combined ratio

112.3

95.7

104.8

96.8

Loss ratio ex. catastrophes and development

59.5

60.8

59.9

60.7

Loss ratio

78.4

61.9

71.2

62.7

Book value per share ex. AOCI

$

42.34

$

44.08

$

42.34

$

44.08

Book value per share

42.91

44.52

42.91

44.52

Regular and special dividends per share4

0.37

0.35

2.74

2.70

Balance sheet data included on this page is as of the end of each period presented.

  1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
  2. See CNA's Q2 2020 Earnings Release for a reconciliation of Core income to Net income available at https://investor-relations.cna.com/financial/latest-financials
  3. Other includes adjustments for income taxes and rounding.
  4. Special dividend of $2.00 per share paid in March of 2020 and 2019.

9

Boardwalk Pipelines - Financial Highlights

Financials1

June 30

QTD

YTD

($ millions)

2020

2019

2020

2019

Revenue2

$

295

$

327

$

635

$

673

EBITDA2,3

183

207

404

446

Net income2

53

76

144

184

Loews accounting adjustments:

Ot her 4

(19)

(23)

(45)

(52)

Net income attributable to Loews2

$

34

$

53

$

99

$

132

  1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
  2. The 2019 QTD/YTD periods include settlement proceeds of $26 million ($19 million after tax) related to a customer bankruptcy.
  3. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
  4. Other includes adjustments for purchase accounting, income taxes and rounding.

10

Loews Hotels & Co - Financial Highlights

Financials

June 30

QTD

YTD

($ millions)

2020

2019

2020

2019

Revenue1

$

34

$

186

$

176

$

366

Pretax income (loss) excluding non-recurring items2

(86)

29

(111)

53

Asset impairments

(20)

(7)

(20)

(10)

Pretax income (loss)

(97)

18

(130)

37

Net income (loss)

(72)

12

(97)

25

Adjusted EBITDA3

(54)

68

(37)

129

Adjusted mortgage debt, period-end4

1,553

1,330

1,553

1,330

Note: Due to the COVID-19 pandemic and efforts to mitigate the spread of the virus, twenty hotels owned and/or operated by Loews Hotels & Co temporarily suspended operations in March of 2020, with two additional hotels suspending operations in April of 2020. Of these twenty-two hotels, one resumed operations in May, twelve in June and five in July, with the operations of the remaining four hotels still temporarily suspended. Only two owned hotels and two managed hotels did not suspend operations. Additionally, two hotels completed construction prior to the pandemic; one delayed opening until June, and the second is expected to open later this year. However, all operational hotels are experiencing very limited occupancy. Although Loews Hotels & Co has enacted significant measures to adjust the operating cost structure of each hotel during these suspensions and subsequent resumptions of operations, deferred most capital expenditures and reduced the operating costs of its management company, these measures could not offset the impact of significant lost revenues. Loews Hotels & Co has therefore incurred significant operating losses since the start of the pandemic.

  1. QTD/YTD 2020 includes a $13 million gain on the sale of an owned hotel.
  2. Non-recurringitems include items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments. See Appendix - "Loews Hotels & Co Adjusted EBITDA" for additional disclosure.
  3. Adjusted EBITDA is the total amount of EBITDA attributable to Loews Hotels & Co based on its percent ownership of each property (e.g., if Loews Hotels & Co legally owns 50% of a property, 50% of that property's EBITDA is included, except for certain hotels where earnings are distributed on a slightly different basis from legal ownership based on the underlying governing agreements), plus management company EBITDA and excluding non- recurring items. See Appendix - "Loews Hotels & Co Adjusted EBITDA" for EBITDA to GAAP reconciliation.
  4. Adjusted mortgage debt is adjusted for Loews Hotels and Co's ownership interest in the asset underlying the borrowing. Balances are inclusive of adjusted mortgage debt related to assets under development of $121 million and $151 million at June 30, 2020 and 2019, respectively.

11

Loews Hotels & Co - Portfolio

Ownership - Ops

Commenced /

City, ST

Rooms

Ownership %

Managed Only

OWNED1 (11)

Loews Chicago Hotel

Chicago, IL

400

100%

2015

Loews Chicago O'Hare Hotel

Chicago, IL

556

100%

2014

Loews Coronado Bay Resort*

San Diego, CA

439

100%

2000

Loews Kansas City Hotel

Kansas City, MO

800

65%

2020

Loews Miami Beach Hotel*

Miami Beach, FL

790

100%

1998

Loews Minneapolis Hotel

Minneapolis, MN

251

100%

2014

Loews Philadelphia Hotel

Philadelphia, PA

581

100%

2000

Loews Regency New York Hotel

New York, NY

379

100%

1963

Loews Vanderbilt Hotel

Nashville, TN

340

100%

1989

Loews Ventana Canyon Resort*

Tucson, AZ

398

100%

2014 / 1984

Loews Hotel 1000

Seattle, WA

120

100%

2016

5,054

JOINT VENTURE2 (12)

Hard Rock Hotel, at Universal Orlando*

Orlando, FL

650

50%

2001

Loews Portofino Bay Hotel, at Universal Orlando*

Orlando, FL

750

50%

1999

Loews Royal Pacific Resort, at Universal Orlando*

Orlando, FL

1,000

50%

2002

Loews Sapphire Falls Resort, at Universal Orlando*

Orlando, FL

1,000

50%

2016

Universal's Aventura Hotel*

Orlando, FL

600

50%

2018

Universal's Cabana Bay Beach Resort*

Orlando, FL

2,200

50%

2014

Universal's Endless Summer Resort - Dockside Inn and Suites*

Orlando, FL

1,011

50%

2020

Universal's Endless Summer Resort - Surfside Inn and Suites*

Orlando, FL

750

50%

2019

Live! by Loews Arlington, TX*

Arlington, TX

300

50%

2019

Live! by Loews St. Louis, MO

St. Louis, MO

216

50%

2020

Loews Hollywood Hotel

Los Angeles, CA

628

50%

2012

Loews Atlanta Hotel

Atlanta, GA

414

50%

2015 / 2010

9,519

MANAGED3 (5)

Bisha Hotel and Residences

Toronto, ON

96

2017

Loews Boston Hotel

Boston, MA

225

2013 / 2018

Loews New Orleans Hotel

New Orleans, LA

285

2003

Loews Santa Monica Beach Hotel*

Santa Monica, CA

347

1989

Loews Hotel Vogue

Montreal, QC

142

1995

1,095

TOTAL LOEWS HOTELS

15,668

Scheduled Opening

UNDER DEVELOPMENT4 (1)

Loews Coral Gables Hotel

Coral Gables, FL

242

20%

2022

Universal's Endless Summer Resort - Dockside Inn and Suites*

Orlando, FL

1,039

50%

2020

1,281

TOTAL INCLUDING UNDER DEVELOPMENT

16,949

List of portfolio properties is as of June 30, 2020.

Note: Same store metrics were suspended in Q1 2020 as they were not meaningful due to COVID-19 considerations. Asterisks (*) represent resort hotels in the portfolio, with the remaining hotels in urban centers.

  1. Loews Kansas City Hotel opened in Q2 2020. Initial distributions from the Loews Kansas City Hotel investment are at 91.6% to Loews Hotels & Co and this percent is used for adjusted mortgage debt and adjusted EBITDA.
  2. Live! by Loews Arlington, TX opened in Q3 2019 and Live! By Loews St. Louis, MO opened in Q1 2020. In addition to the ownership shown for these two partnerships, Loews Hotels also has preferred interests that receive preferred distributions. Universal's Endless Summer Resort - Dockside Inn and Suites obtained its certificate of occupancy for the first 1,011 rooms in March of 2020, while the remaining phase of 1,039 rooms remains under construction. Both phases are expected to open in 2020.
  3. Loews Hotel Vogue was sold in Q2 2020 and is now a managed property.
  4. Loews will have a 20% ownership interest in the Loews Coral Gables Hotel upon completion of development. Universal's Endless Summer Resort - Dockside Inn and Suites is included in the joint venture hotel count and discussed above.

12

Diamond Offshore - Financial Highlights

Financials1

June 30

QTD

YTD

($ millions)

2020

2019

2020

2019

Revenue

$

198

$

216

$

427

$

450

Impairment of assets2

-

-

(774)

-

Operating loss3

(83)

(112)

(930)

(161)

Pretax loss

(149)

(141)

(1,027)

(219)

Net loss

(145)

(114)

(1,007)

(187)

Net loss attributable to Loews4

$

(24)

$

(52)

$

(476)

$

(89)

  1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
  2. Impairment charges related to the carrying value of four drilling rigs.
  3. Operating loss represents loss before interest and taxes, excluding any gains/losses on sales of fixed assets.
  4. Includes financial results through the April 26, 2020 deconsolidation of Diamond Offshore.

13

Appendix - Key Drivers for the Second Quarter

Net loss of $835 million, or $2.96 per share, compared to net income of $249 million, or $0.82 per share, in the prior year period, a decrease of $1,084 million. The table below details key drivers of the change in net loss.

June 30

QTD

($ millions)

2020

2019

Change

CNA

Catastrophe losses

COV ID-19

$

(128)

$

-

$

(128)

Civil unrest

(43)

-

(43)

Severe weather-related events

(41)

(27)

(14)

P&C net investment income on LPs and common stock

59

30

29

Net investment gains

47

1

46

Hotels

Net income (loss)

(72)

12

(84)

Corporate

Net investment loss related to the deconsolidation of

Diamond Offshore

(957)

-

(957)

Net investment income

86

26

60

14

Appendix - Key Drivers for the Year-to-Date Period

Net loss of $1,467 million, or $5.16 per share, compared to net income of $643 million, or $2.09 per share, in the prior year period, a decrease of $2,110 million. The table below details key drivers of the change in net loss.

June 30

YTD

($ millions)

2020

2019

Change

CNA

Catastrophe losses

COV ID-19

$

(137)

$

-

$

(137)

Civil unrest

(43)

-

(43)

Severe weather-related events

(85)

(68)

(17)

P&C net investment income (loss) on LPs and common stock

(29)

98

(127)

Net investment gains (losses)

(105)

22

(127)

Hotels

Net income (loss)

(97)

25

(122)

Corporate

Net investment loss related to the deconsolidation of

Diamond Offshore

(957)

-

(957)

Net investment income (loss)

(44)

93

(137)

Diamond

Net loss

(476)

(89)

(387)

15

Appendix - Loews Consolidating Condensed Balance Sheet

CNA

Boardwalk

Loews

Corporate1

June 30, 2020

Financial

Pipelines

Hotels & Co

Total

($ millions)

Assets:

Cash and investments

$

48,343

$

3

$

124

$

3,684

$

52,154

Receivables

8,048

134

12

237

8,431

Property, plant and equipment

264

8,608

1,126

477

10,475

Deferred non-insurance warranty acquistion expenses

2,916

-

-

-

2,916

Other assets

2,484

576

435

968

4,463

Total assets

$

62,055

$

9,321

$

1,697

$

5,366

$

78,439

Liabilities and Equity:

Insurance reserves

$

39,862

$

-

$

-

$

-

$

39,862

Short term debt

-

-

37

10

47

Long term debt

2,680

3,488

699

3,091

9,958

Deferred non-insurance warranty revenue

3,852

-

-

-

3,852

Other liabilities

4,044

1,533

329

401

6,307

Total liabilities

50,438

5,021

1,065

3,502

60,026

Total shareholders' equity

10,408

4,300

632

1,864

17,204

Noncontrolling interests

1,209

-

-

-

1,209

Total equity

11,617

4,300

632

1,864

18,413

Total liabilities and equity

$

62,055

$

9,321

$

1,697

$

5,366

$

78,439

Amounts presented will not necessarily be the same as those in the individual financial statements of the Company's subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

1. Corporate primarily reflects the parent company's cash and investments, corporate long-term debt and Altium Packaging.

16

Appendix - Boardwalk EBITDA

June 30

QTD

YTD

($ millions)

2020

2019

2020

2019

Pretax income

$

53

$

76

$

144

$

184

Depreciation and amortization

89

85

177

171

Interest expense

41

46

83

91

EBITDA

$

183

$

207

$

404

$

446

Financial results are at the subsidiary level.

17

Appendix - Loews Hotels & Co Adjusted EBITDA

June 30

QTD

YTD

($ millions)

2020

2019

2020

2019

Consolidated GAAP pretax income (loss)

$

(97)

$

18

$

(130)

$

37

Non-recurring items

1

11

11

19

16

Pretax income (loss) excluding non-recurring items

$

(86)

$

29

$

(111)

$

53

Depreciation and amortization of owned properties

16

15

30

31

Interest expense on owned properties

8

5

16

10

Adjustments for unconsolidated joint ventures' proportionate share of EBITDA

2

8

19

28

35

Adjusted EBITDA

$

(54)

$

68

$

(37)

$

129

Note: Due to the COVID-19 pandemic and efforts to mitigate the spread of the virus, twenty hotels owned and/or operated by Loews Hotels & Co temporarily suspended operations in March of 2020, with two additional hotels suspending operations in April of 2020. Of these twenty-two hotels, one resumed operations in May, twelve in June and five in July, with the operations of the remaining four hotels still temporarily suspended. Only two owned hotels and two managed hotels did not suspend operations. Additionally, two hotels completed construction prior to the pandemic; one delayed opening until June, and the second is expected to open later this year. However, all operational hotels are experiencing very limited occupancy. Although Loews Hotels & Co has enacted significant measures to adjust the operating cost structure of each hotel during these suspensions and subsequent resumptions of operations, deferred most capital expenditures and reduced the operating costs of its management company, these measures could not offset the impact of significant lost revenues. Loews Hotels & Co has therefore incurred significant operating losses since the start of the pandemic.

  1. Non-recurringitems include items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments.
  2. Represents the difference between Loews Hotels & Co's GAAP pretax income for its joint venture properties and its pro rata share of those properties' EBITDA based on its percentage ownership (e.g., if Loews Hotels & Co legally owns 50% of a property, 50% of that property's EBITDA is included, except for certain hotels where earnings are distributed on a slightly different basis from legal ownership based on the underlying governing agreements).

18

Disclaimer

Loews Corporation published this content on 03 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2020 12:26:27 UTC


© Publicnow 2020
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Financials (USD)
Sales 2019 14 907 M - -
Net income 2019 932 M - -
Net Debt 2019 11 891 M - -
P/E ratio 2019 17,1x
Yield 2019 0,48%
Capitalization 11 701 M 11 701 M -
EV / Sales 2018 1,79x
EV / Sales 2019 1,85x
Nbr of Employees 18 605
Free-Float 79,7%
Chart LOEWS CORPORATION
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Technical analysis trends LOEWS CORPORATION
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Income Statement Evolution
Managers
NameTitle
James S. Tisch President, Chief Executive Officer & Director
Andrew H. Tisch Co-Chairman
Jonathan M. Tisch Co-Chairman
David B. Edelson Chief Financial Officer & Senior Vice President
Herb E. Hoffmann Vice President-Information Technology
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