Los Angeles Business Journal

Thursday’s L.A. News Roundup

By Deborah Crowe Thursday, July 26, 2012

BIOTECH PROFITS: Amgen Inc. shares rose nearly 4 percent in after-hours trading today after the Thousand Oaks biotech reported second-quarter earnings above analysts’ forecasts. Sales of inflammation drug Enbrel and new osteoporosis drug Prolia drove 13 percent revenue growth to nearly $4.5 billion. Net income rose 8 percent to $1.43 billion ($1.83 a share). The Wall Street consensus was for $1.54 a share profit on revenue of $4.08 billion.

STEEL EARNINGS: Reliance Steel & Aluminum Co closed up 7 percent to $48.10 on the New York Stock Exchange today after reporting better-than-expected second quarter net income. The Los Angeles metals processor reported net income of nearly $109 million ($1.44 per share). It expects to earn between $1.15 and $1.25 a share in the third quarter, compared with the Wall Street consensus of $1.32.

DUTCH DEAL: Gehry Technologies, a Los Angeles developer of building information modeling software, said it has acquired Bimshare, a developer of building information data sharing software. Bimshare is based in Hertogenbosch, Netherlands. Terms were not disclosed.

NEW CFO: National Technical Systems Inc., a Calabasas provider of outsourced engineering and test services, appointed Michael El-Hillow as chief financial officer. He replaces Raffy Lorentzian, who left in the second quarter. El-Hillow was most recently was with Evergreen Solar Inc., a Marlborough, Mass. manufacturer that filed for bankruptcy last year.