Loews Corporation L reported first-quarter 2016 operating earnings of 35 cents per share, which missed the Zacks Consensus Estimate of 52 cents. Earnings improved about 30% year over year on solid performance by Diamond Offshore DO and higher earnings at Boardwalk Pipeline Partners, LP BWP.Including net investment losses, net income came in at 30 cents per share, a penny higher than the year-ago quarter.RevenuesLoews’ total revenue of $3.2 billion declined 8.8% year over year. Lower net investment income and contract drilling revenues led to the decline.Behind the HeadlinesTotal expenses decreased 11.7% year over year to $2.9 billion due to lower contract drilling expenses and other expenses incurred during the quarter.CNA Financial’s CNA revenues decreased 4.7% over the prior-year quarter to $2.2 billion. It reported net income attributable to Loews Corp. of $77 million, down 62% year over year. The dismal performance was due to a charge related to the 2010 retroactive reinsurance agreement to cede its legacy asbestos and environmental pollution liabilities. Lower net investment income attributable to limited partnership investment results, as well as realized investment losses added to the woes.Boardwalk Pipeline Partners’ revenues increased 5.2% year over year to $347 million. Its reported net income attributable to Loews Corp. increased 34% year over year to $31 million. The improvement was fueled by new rates coming into effect as a result of the Gulf South rate case.Loews Hotels’ revenues improved about 17.3% year over year to $163 million. Loss attributable to Loews was $3 million, while the year-ago quarter income was $3 million.Diamond Offshore’s revenues declined 25% year over year to $471 million. Net income attributable to Loews was $43 million. In the year-ago quarter, loss of $126 million was incurred. The improvement stemmed from the absence of any asset impairment charge. Also, revenues earned by newbuild drillships, demobilization fees, lower operating costs, lower depreciation expense and a lower tax rate added to the upside.Book value as of Mar 31, 2016 was $52.98 per share, up about 0.5% from $50.72 as of Dec 31, 2015.Share RepurchaseDuring the first quarter of 2015, Loews spent $33 million on buying back 0.9 million shares, The company also spent $8 million to buy back 0.3 million shares of the CNA common stock.Zacks RankLoews currently carries a Zacks Rank #5 (Strong Sell).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BOARDWALK PIPLN (BWP): Free Stock Analysis Report LOEWS CORP (L): Free Stock Analysis Report CNA FINL CORP (CNA): Free Stock Analysis Report DIAMOND OFFSHOR (DO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research