Air Lease Corp., Boingo Wireless Corp., Demand Media and Marcus & Millichap Inc. were among firms reporting earnings.
AIR LEASE CORP.
Air Lease Corp. announced strong earnings after markets closed Thursday, reporting revenue and profits that beat Wall Street expectations.
The Century City company, which leases jets to commercial airlines, reported net income of $62 million (58 cents a share) for the quarter ended June 30, up 44 percent from the same quarter a year ago. Revenue for the quarter was $256 million, 23 percent higher than the $208 million reported the year earlier.
Analysts following the company had expected earnings of $58.2 million (52 cents a share). Shares of Air Lease closed at $35.30, down 0.3 percent for the day, in advance of Thursday’s earnings release.
BOINGO WIRELESS CORP.
Westwood Internet service provider Boingo Wireless Inc. continued to grow its revenue, but due to aggressive reinvestment into the company, is yet to get in the black.
The firm reported a net loss of $3.7 million (-10 cents a share) for the three months ended June 30 after the markets closed Thursday. This compares with a net loss of $400,000 (-1 cent) for the same time period a year earlier. Revenue jumped 8 percent to $28.4 million. The company is not profitable because it’s reinvesting these proceeds into growing the business.
The company also announced Thursday that Chairman Sky Dayton would be stepping down and would be replaced by Chief Executive David Hagan. Dayton founded Boingo in 2001.
Shares of Boingo, which trade on the Nasdaq, closed at $6.24, up less than 1 percent on the day.
DEMAND MEDIA
Santa Monica digital publisher Demand Media swung to a second quarter loss as revenue declined compared with the same period a year earlier, the company announced after the close of the markets Thursday.
Demand, which operates websites such as eHow and Cracked.com, reported an adjusted net loss of $1 million (-5 cents a share) for the quarter, compared with adjusted net income of $8.8 million (50 cents a share) in the same period a year earlier. Revenue fell 11 percent to $89.8 million.
But the company beat expectations. Analysts had expected a loss of 11 cents a share on revenue of $89.3 million.
Shawn Colo, interim chief executive, said the company made audience gains at its Livestrong.com website over the quarter.
“Livestrong.com achieved record user registrations and community engagement while returning to historic traffic levels,” Colo said in a statement that accompanied earnings. “These trends demonstrate that continued focus on our core initiatives can deliver long-term stability and growth across our consumer brands.”
Earlier this week, Demand completed the spinoff of domain name registration business Rightside Group, which now trades on the Nasdaq under the ticker NAME.
Earnings were reported after close of markets. Demand shares had fallen 3 percent to $10.62 in Thursday trading on the Nasdaq.
MARCUS & MILLICHAP INC.
Marcus & Millichap Inc. reported on Thursday soaring first quarter revenue, citing a substantial increase in brokerage commissions.
The Calabasas commercial real estate brokerage reported net income of $12.8 million (33 cents a share) for the quarter ended June 30, compared with $8 million the same period a year earlier, prior to going public. Revenue rose more than 27 percent to $134 million.
No analyst estimates are available for the company’s earnings.
“We saw strong increases in our second quarter key operating metrics for our real estate brokerage business, including average number of sales professionals, total number of transactions and total sales volume over the same period in the prior year,” said Chief Executive John Kerin in a statement.
The company reported total sales volume rose 21 percent to $7.1 billion. Revenues from real estate brokerage commissions rose nearly 29 percent to $123 million. The number of total transactions in the quarter rose 14 percent to 1,907.
The company went public in an Oct. 31 IPO that raised $72 million at a share price of $12, which has risen steadily.
Shares closed unchanged at $23.94 on the New York Stock Exchange.
