(RTTNews) - Loews Corp. (L: News ), the parent company of insurer CNA Financial Corp. (CNA) and drilling rigs operator Offshore Drilling, Inc., is scheduled to announce third-quarter results before the market opens on Monday. On average, three analysts polled by Thomson Reuters expect the company to earn $0.89 per share for the quarter. Analysts' estimates typically exclude special items.

For the third quarter of 2008, the company, run by the billionaire Tisch family, reported a loss from continuing operations of $144 million or $0.33 per share, compared to income from continuing operations of $309 million or $0.58 per share, in the third quarter of 2007. Consolidated revenues in the third quarter of 2008 amounted to $3.0 billion, compared to $3.5 billion in the comparable period of the prior year.

New York-based Loews owns 90% of CNA Financial and 50.4% of Offshore Drilling. Its wholly-owned subsidiary HighMount Exploration & Production LLC is engaged in exploration, production and marketing of natural gas and natural gas liquids. Boardwalk Pipeline Partners, LP, Loews' 74%-owned subsidiary, operates interstate natural gas transmission pipeline systems. Another wholly-owned subsidiary is Loews Hotels Holding Corp.

For the third quarter of 2008, the company's revenue from CNA Financial was $2.31 billion, while Diamond Offshore generated $868 million. Revenue from HighMount and Boardwalk Pipeline for the third quarter of 2008 was $200 million and $222 million, respectively. Loews Hotels brought in $90 million in third-quarter revenues in 2008.

In January 2008, the company sold Bulova Corp. to Citizen Watch Co., Ltd. In June 2008, it disposed of its interest in its wholly-owned subsidiary, Lorillard, Inc. (LO).
In July, Loews reported a sharp fall in profit for the second quarter, reflecting higher investment losses as well as the absence of prior year's hefty gain related to the separation of Lorillard Inc. Income from continuing operations for the 2009 second quarter was $341 million, or $0.78 per share, compared to $511 million, or $1.00 per share, in the 2008 second quarter. Total revenues for the quarter were $3.53 billion, compared to $3.92 billion in the prior year quarter.

Among recent events, on August 11, the company declared a quarterly dividend of $0.0625 per share with a record date of September 1, payable on September 14. The Federal Reserve Bank of New York said last month that it would fill one of the two vacancies on its board of directors with Loews' chief executive James Tisch. Pfizer Inc.'s (PFE) chief executive Jeffrey Kindler will fill the other seat.

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