Fannie Mae to Pay $4 B Dividend, CAN Financial Profit Soars

Mukesh Buch
05 Nov, 2018
New York City

CNA Financial beats earnings estimates. Fannie Mae to pay $4 billion dividend to the U.S. Treasury. Kemper Corp reports strong results. Loews profit surged but revenues remained weak. Regal Beloit net plunged but revenues soared. Westrock net jumped.

[R]11:45 AM New York City, New York – CNA Financial beats earnings estimates. Fannie Mae to pay $4 billion dividend to the U.S. Treasury. Kemper Corp reports strong results. Loews profit surged but revenues remained weak. Regal Beloit net plunged but revenues soared. Westrock net jumped.[/R]

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)) surged 8.1% or $3.54 to $47.30 after 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)) slipped 2.5% or 0.03 cents to $1.35 after 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)) soared 6.2% or $4.62 to $79.72 after 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)) jumped 4.2% or $1.94 to $48.23 after 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)) advanced 3.2% or $2.38 to $77.87 after 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)) rose 34 cents to $45.01 after 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.