Have you been eager to see how Loews Corporation (L - Free Report) performed in the first quarter in comparison with the market expectations? Let’s quickly scan through the key facts from this OH-based property and casualty insurer’s earnings release this morning

An Earnings Beat

Loews reported adjusted earnings per share of 89 cents per share, beating the Zacks Consensus Estimate of 78 cents. Earnings increased 2.3% year over year.

Share buybacks aided the bottom line.

Loews Corporation Price and EPS Surprise

Loews Corporation Price and EPS Surprise | Loews Corporation Quote

How Was the Estimate Revision Trend?

You should note that there was no earnings momentum for Loews prior to the earnings release. Loews has a superb earnings surprise history. The company surpassed the Zacks Consensus Estimate by an average of 554.39% in the trailing four quarters.

Key Takeaways

•    Operating revenue of $3.6 billion increased 9.4% year over year.
•    Total expenses decreased increased 13.8% year over year to $3.2 billion.

•    Book value as of Mar 31, 2018, was $57.48 per share, down 0.6% from $57.83 as of Dec 31, 2017.
•    Repurchased $497 million worth shares.

What Zacks Rank Says

Loews carries Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.