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Wednesday, Mar 29, 2023

Earnings Roundup: City National, Skechers and Reliance Steel Perform Well

City National Reports Strong Earnings

Downtown Los Angeles’ City National Corp., parent of City National Bank, reported first-quarter earnings on April 23 that met analyst expectations.

City National reported net income of $61.6 million ($1.01 a share), compared with $53.8 million (89 cents) for the same period a year earlier. That number was in line with analyst estimates. Loan balances as of March 31 totaled $20.9 billion, an all-time high for the company.

“City National closed the first quarter of 2015 with year-over-year double-digit growth in assets, net income, loans and deposits,” Chief Executive Russell Goldsmith said in a press release accompanying the earnings. “The company has now been profitable in every quarter for 22 consecutive years.”

City National’s stock, which trades on the New York Stock Exchange, rose less than 1 percent.

Skechers Tops Estimates

Skechers USA Inc.’s first quarter results beat analyst expectations, showing better-than-expected earnings.

The Manhattan Beach footwear company reported net income of $56 million ($1.10 a share) for the quarter ending March 31, compared to net income of $30.97 million (61 cents) for the same quarter a year ago. Analysts expected earnings of $1 a share for the quarter. Net sales hit $768 million, a 40 percent increase from the year earlier.

“The net sales growth of 40.5 percent, which was against a previous record first quarter net sales in 2014, is attributable to the continued strong demand for our lifestyle, performance and kids’ footwear from both our customers and consumers around the world,” David Weinberg, Skecher’s chief operating officer and chief financial officer said in a statement.

Earnings were announced after markets closed Wednesday. Skechers shares rose 15 percent Thursday to close at $86.87 and rose slightly in after-hours trading.

Reliance Steel Performs Well

Downtown Los Angeles metal processing firm Reliance Steel & Aluminum Co. also announced better-than-expected earnings Thursday.

The company reported net income of $101.3 million ($1.30 a share) compared to $93.6 million ($1.11) in the fourth quarter ended March 31. Net sales for the quarter were $2.6 billion, up 2.4 percent from the year earlier.

Earnings beat analysts’ expectations for earnings of $1.02 a share.

Reliance Steel’s shares rose 9 percent Thursday to close at $62.69.

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