Amgen Boosts Profits

Amgen Inc.’s first quarter results beat analyst expectations Monday and the company raised its guidance for the rest of the year.

The Thousand Oaks pharmaceutical company reported net income of $1.6 billion ($2.11 a share) for the quarter ending March 31, compared to net income of $1.1 billon ($1.40) for the same quarter a year ago. Revenue increased 11 percent to $5 billion.

Analysts on average estimated earnings of $1.65 a share on revenue of $4.9 billion, according to Bloomberg.

The company credited its performance to lower costs, the result of on-going layoffs and a corporate restructuring.

Also, Amgen increased its guidance for the rest of the year, projecting annual adjusted earnings per share between $9.35 and $9.65. Previously, the company expected earnings in the range of $9.05 to $9.40.

The company announced earnings after markets closed Tuesday. Shares ended the day at $168.46, up 1.5 percent for the day, and rose another 2 percent in after-hours trading.

Jakks Reports Smaller Loss

Malibu toymaker Jakks Pacific Inc. reported first-quarter earnings Tuesday, showing a smaller loss than in the same quarter a year ago.

The company reported a net loss of $7.6 million (-40 cents a share), compared to a net loss of $16.3 million (-74 cents) in the same quarter a year ago. Analysts had expected a wider loss of 46 cents a share for the quarter.

The company announced earnings before markets opened Tuesday. Shares ended the day at $6.78, down 2 percent, though they rose slightly in after-hours trading.

East West Tops Estimates

Pasadena’s East West Bancorp Inc. announced better-than-expected earnings Tuesday. The bank holding company reported net income of $100 million (69 cents a share), up from net income of $74 million (52 cents).

That was slightly ahead of analysts’ expectations for earnings of 64 cents a share.

Earnings were announced after markets closed Tuesday. Shares ended the day at $41.99, up less than a percent, and were flat in after-hours trading.