Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 61

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 61
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 from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes.

Operating costs and expenses increased $69 million for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily from higher product costs associated with increased ethane product sales. 

Interest expenses decreased $4 million for the three months ended March 31, 2025 as compared with the comparable 2024 period due to lower average outstanding long-term debt.

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA 

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three months ended March 31, 2025 and 2024:

Three Months Ended March 3120252024(In millions)Net income attributable to Loews Corporation$152 $121 Interest, net 38 39 Income tax expense50 41 Depreciation and amortization106 106 EBITDA$346 $307 

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Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. 

Three Months Ended March 3120252024(In millions)     Revenues:  Operating revenue$211 $183 Revenues related to reimbursable expenses34 33 Total245 216 Expenses:Operating and other173 155 Reimbursable expenses34 33 Depreciation and amortization24 21 Equity income from joint ventures(6)(27)Interest16 6 Total241 188 Income before income tax4 28 Income tax expense(4)(12)Net income attributable to Loews Corporation$— $16 

Net income attributable to Loews Corporation decreased $16 million for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily due to the reasons discussed below.

Operating revenues improved by $28 million and operating and other expenses increased by $18 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. The increase in operating revenues and operating and other expenses was primarily driven by the Loews Arlington Hotel and Convention Center, which opened during