S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
DAILY EARNINGS

CNA Financial, Fannie Mae Loews, Westrock Net Jump; Regal Beloit Net Plunges


Author: Mukesh Buch
ticker.com
Last Update: 11:55 AM EST November 05 2018

11:45 PM New York – CNA Financial third-quarter net surged to $336 million. Fannie Mae third-quarter net soared 33% to $4 billion. Kemper Corp third-quarter net jumped 93% to $92 million. Loews Corp third-quarter net surged 77% to $278 million. Westrock Company third-quarter net jumped 43% to $280 million.

Tollbooth Index dropped 111.32 0.7% to 15,278.66 but for the year-to-date soared 11%.

Earnings Review

CNA Financial Corporation (CNA), the property and casualty insurance provider reported net written premiums in the third-quarter ending in September fell 1.3% from a year ago to $1.6 billion.

Net income in the quarter surged to $336 million or $1.23 per diluted share from $144 million or 53 cents in the same quarter last year.

Fannie Mae (FNMA), the mortgage loans provider said net revenues in the third-quarter ending in September plunged 12.8% from a year ago to $5.6 billion.

Net income in the quarter soared to $4 billion or 1 cent per diluted share from $3 billion or break even in the same quarter last year.

The lender said it will pay $4 billion dividend to the U.S. Treasury department.

Kemper Corporation (KMPR), the property and casualty insurance provider reported total revenues in the third-quarter ending in September surged 73% from a year ago to $1.2 billion.

Net income in the quarter jumped 93.3% to $92.2 million or $1.40 per diluted share from $47.7 million or 92 cents in the same quarter last year.

The insurer said property and casualty written premiums surged 102% to $452 million and non-standard personal automobile’s premiums soared 166% to $409 million from a year ago period.

Loews Corporation (L), the conglomerate reported revenues in the third-quarter ending in September grew 2.5% from a year ago to $3.6 billion.

Net income in the quarter surged 77.1% to $278 million or 88 cents per diluted share from $157 million or 46 cents in the same quarter last year.

Loews profit surged after higher earnings at CNA Financial Corp, Boardwalk Pipeline Partners, LP and Loews Hotels & Co. and lower results at Diamond Offshore Drilling, Inc.

Regal Beloit Corp (RBC), the electric motors and power generation products maker said total net sales in the third-quarter ending in September soared 8% from a year ago to $925.4 million.

Net income in the quarter plunged 17.5% to $51.3 million or $1.17 per diluted share from $62.2 million or $1.39 in the same quarter last year.

The electric motors maker said net sales in the commercial and industrial systems soared 13.3% to $462.3 million and net sales in the power transmission solutions business jumped 7.7% to $207.7 million but net sales in the climate solutions segment fell 0.2% to $255.4 million.

Regal Beloit forecasted fiscal 2018 diluted earnings per share in the range of $5.11 to $5.21.

Westrock Company (WRK), the corrugated and consumer packaging maker reported net sales in the third-quarter ending in September increased 3.4% from a year ago to $4.2 billion.

Net income in the quarter jumped 42.6% to $279.6 million or $1.08 per diluted share from $196.1 million or 76 cents in the same quarter last year.
  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc