Shares of Loews Corp (L) slumped Monday after the company reported a 44 percent fall in quarterly profit due to lower revenue from its energy and insurance businesses. The hotel, energy and financial services conglomerate reported earnings of $0.46 a share for the second quarter ended June 30, missing the consensus estimate of $0.70 a share. Revenue also came in light with $3.44 billion for the period, missing analysts’ estimates of $3.59 billion, according to Thomson Reuters data. In the same period of last year, the company earned $0.70 per share on revenue of $3.59 billion. The company said its weaker than expected earnings results were hurt by soft sales at its two biggest subsidiaries, insurance giant CNA Financial (CNA) and drilling company Diamond Offshore (DO). TheStreet’s Kurumi Fukushima reports in New York.
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