Ares Management revenue jumped to $304 million, Colony Capital Inc. had solid quarter ahead of merger, Aecom rebounded with earnings, and Jacobs Engineering Group Inc. held steady with revenue.
Building up: Ares Management, a Century City-based asset manager that handles real estate, private equity, and credit investments, earned net income of $38 million, or 46 cents a share, in the second quarter. That’s more than triple the $12 million it earned in the same quarter last year. Total revenue also jumped up, hitting $304 million compared with $213 million in the year-earlier period.
Merging big: Colony Capital Inc.’s second quarter was marked by the downtown firm’s announcement that it plans to merge with NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. The deal, expected to close in January, would create a mega-firm with $58 billion of assets. The quarter also saw Colony’s revenue rise slightly to $272 million compared with $221 million in the same quarter last year. Net income stayed virtually flat at $103 million. Colony’s second quarter earnings available for common stockholders – net income less preferred dividends – were 38 cents a share.
Holding strong: Century City-based infrastructure firm Aecom generated $4.4 billion in revenue in the third quarter of fiscal 2016, a slight drop compared with $4.5 billion in the same quarter the previous year. Earnings per share were 43 cents in the three-month period ending June 30, based on net income of $67.4 million. That’s a significant jump over the previous quarter, when Aecom took a loss of $17.2 million. After the quarter closed, Aecom was selected to build the L.A. Rams stadium in Inglewood with Turner Construction.
Gear shift: Construction company Jacobs Engineering Group Inc., based in Pasadena, reported $2.7 billion in revenue for the third quarter of fiscal 2016, a small dip compared with $2.9 billion in the same quarter last year. Its earnings for the three-month period ending July 1 amounted to $95 million, or 78 cents per diluted share, compared with $121 million in the year-earlier quarter. Jacobs said in June that it would move part of its operations to Dallas by the end of 2019, and Dallas city records indicate the site would be its new headquarters.