DirectTV, Edison International, Oaktree Capital Group, Occidental Petroleum, PS Business Parks, Ryland Group and Superior Industries International were among firms reporting earnings.
DIRECTV
El Segundo’s DirecTV on Thursday reported a substantial increase in its quarterly net income, partly fueled by increased demand for pay television services in Latin American.
The satellite TV firm partly credited the popularity of the FIFA World Cup for a rise in Latin American subscriptions. The company added a net 543,000 customers in Latin America during the quarter.
Net income for the quarter ending June 30 increased to $806 million ($1.59) a share, up 22 percent for the same period last year. Revenue increased 5 percent to $8.1 billion.
Analysts expected earnings of $1.53 a share.
DirecTV shares closed slightly lower on Thursday at $86.05 on the Nasdaq.
EDISON INTERNATIONAL
Edison International’s core earnings increased and beat expectations for the second quarter, the company reported Thursday.
Edison attributed the growth to rate base growth, income tax benefits and other factors.
The utility, which has its main offices in Rosemead, reported core earnings of $352 million ($1.08 a share) for the quarter ending June 30. The figure signifies a 36 percent increase from core earnings of $259 million during the same quarter last year.
Analysts predicted earnings of about 82 cents a share.
Revenue fell about 1 percent to just more than $3 billion.
Edison International’s core earnings leave out gains and losses from discontinued operations, such as the San Onofre Nuclear Generating Station. Core earnings exclude $184 million in income from discontinued operations as well as a $365 million charge related to shutting down the nuclear power plant.
Shares fell 80 cents Thursday, or 2 percent, to close at $54.80 on the NYSE.
OAKTREE CAPITAL GROUP
Downtown Los Angeles money manager Oaktree Capital Group announced that it had earned a smaller profit in the second quarter compared with the same time last year, but its assets under management continue to grow.
The firm on Wednesday reported net income of $31.2 million (72 cents a share) for the three months ended June 30, down 45 percent from the same period a year earlier. Assets under management grew 6 percent to $91.1 billion between the first and second quarter.
The company chalked up its smaller profit to the fact that most of the good bargains in the distressed-debt field, where Oaktree specializes, have already been snapped up. The deals the company is doing now are less lucrative than opportunities it was seeing before.
Shares of Oaktree closed Thursday at $50.07, down less than 1 percent on the NYSE.
OCCIDENTAL PETROLEUM
OCCIDENTAL: Higher oil prices propelled Westwood oil giant Occidental Petroleum Corp. to an 8 percent rise in profits during the second quarter.
Occidental on Thursday reported net income of $1.43 billion, or $1.82 per diluted share, for the quarter ended June 30, up from $1.32 billion, or $1.64 per diluted share a year earlier. Revenue rose 5 percent to $6.28 billion.
Occidental reported a core profit of $1.79 a share; a survey of analysts by Thomson Reuters had estimated $1.75 a share.
“For the fourth consecutive quarter, we have delivered strong domestic oil production growth, with increases coming from both our Permian and California assets,” Occidental Chief Executive Stephen Chazen said in a statement.
The company also noted that crude oil prices rose 3 percent during the quarter, while natural gas prices rose 12 percent.
Occidental announced in February it will move its headquarters to Houston by the end of this year and form a spinoff of its California assets.
Occidental shares fell 40 cents, or 0.4 percent, to close Thursday at $97.71 on the NYSE.
PS BUSINESS PARKS INC.
PS Business Parks Inc. posted second quarter net income that beat analyst expectations, as the company continues to enjoy strong rental rates at its facilities.
The Glendale real estate investment trust on Wednesday reported funds from operations of $43.2 million ($1.26 a share) in the quarter ended June 30, compared with $38.9 million ($1.22) in the same period a year earlier. Rental revenue increased about 7 percent to $94 million.
Funds from operations, or FFO, is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow.
Analysts on average expected FFO of $1.22 a share on revenue of $94.1 million, according to Thomson Financial.
The company said the increase in FFO was primarily due to increases in both net operating income at parks and strong rental rates.
The company also announced two acquisitions, one in Florida and one in Texas, that add up to about 170,000 square feet of space for about $14 million. Also, the company declared a quarterly dividend of 50 cents a share, payable on Sept. 30 to shareholders of record on Sept. 15.
Shares closed on Thursday down 80 cents, or nearly 1 percent, to $82.50 on the New York Stock Exchange.
RYLAND GROUP INC.
Ryland Group Inc. on Thursday announced rising revenue in the second quarter, though it failed to meet analyst expectations on net income as the company suffered from the reversal of a tax benefit.
The Westlake Village homebuilder reported net income of $32 million (57 cents a share) for the quarter ended June 30, compared with $231 million ($4.16) for the same period last year. Revenue rose 17 percent to $577 million.
Ryland’s earnings missed analysts’ average per-share estimate of 68 cents a share and revenue expectations of $618 million, according to Thomson Financial Network.
The company attributed the drop in net income to a tax benefit that inflated its net income a year ago but was not available this past quarter.
Homebuilding revenue rose 19 percent to $566 million, as closings increased 2.5 percent to 1,700 units. The average sale price rose 16 percent to $333,000.
Shares closed down $2.73 cents, or 7.8 percent to $32.10 on the New York Stock Exchange.
SUPERIOR INDUSTRIES INTERNATIONAL INC.
Superior Industries International Inc. reported on Thursday a fall in second-quarter income, blaming slower sales and low margins that it expects to improve with the opening of a new plant in Mexico.
The Van Nuys manufacturer of aluminum wheels reported net income of $5 million (18 cents a share) for the quarter ending June 29, compared with $6.3 million (23 cents) in the same period a year earlier. Revenue remained flat at $199 million.
Analysts on average expected net income of 23 cents on revenue of $193 million, according to Thomson Financial Network.
Shares closed down $1.44, or 7.1 percent, to $18.71 on the New York Stock Exchange.
