Ixia reported on Wednesday a net loss in the third quarter, missing analyst estimates on earnings, which it blamed on cutbacks in customer spending.
The Calabasas computer-networking software developer reported a loss of $7.3 million (-9 cents a share) in the quarter ended Sept. 30, compared with net income of $4.1 million (5 cents) in the same period a year earlier. Revenue rose less than 1 percent to $114 million.
Analysts on average expected net income of 5 cents on revenue of $114 million, according to Thomson Financial Network.
This was the first time in several quarters that Ixia filed earnings on time.
Ixia had fallen behind after a review of its financials following the resignation in October last year of then-Chief Executive Walt Alston. The company faced delisting from the Nasdaq until it become current in September.
Shares closed down 16 cents, or less than 2 percent, to $9.25 on the Nasdaq.
Tutor Perini reported a solid third quarter Wednesday with financial results that slightly exceeded Wall Street estimates.
The Sylmar construction company reported net income of $35.7 million (73 cents a share) for the quarter ended Sept. 30, compared to income of $23.8 million (49 cents) in the same period last year. Revenue grew 21 percent to $1.25 billion.
Analysts on average expected income of 69 cents a share on revenue of $1.23 billion, according to Thomson Financial Network.
The company said revenue rose from multiple projects across the nation, including the Hudson Yards mixed-use development in New York and bridge projects in the Midwest. However, it added that work slowed on casino projects in several states.
Shares closed up 20 cents, or nearly 1 percent, to $27.85 on the New York Stock Exchange.
PennyMac Financial Services on Wednesday reported income and revenue that beat Wall Street estimates, as the company saw growth across its business lines.
The Moorpark company reported net income of $55.5 million (49 cents a share) for the quarter ended Sept. 30, compared to income of $31.4 million (29 cents) in the same period last year. Revenue rose more than 61 percent to $141 million.
Analysts on average had expected net income of 47 cents a share on revenue of $131 million, according to Thomson Financial Network.
The company produces and services U.S. residential mortgage loans and is an affiliate of publicly held mortgage REIT PennyMac Mortgage Investment Trust. Stanford Kurland, the former president of Countrywide Financial, is chief executive of both companies.
Loan production rose 12 percent from the second quarter to $71.6 million, and loan servicing rose 4 percent from the second quarter to nearly $58 million.
“We see strong growth momentum in our mortgage banking businesses, including consumer direct lending which is making notable and increasing contributions to our production revenue,” said Kurland in a prepared statement.
Shares closed down 19, or 1.2 percent, to $16.01 on the New York Stock Exchange.
In its quarterly filing, PennyMac Mortgage Investment Trust reported rising income.
The Moorpark real estate investment trust posted net income of $54.9 million (69 cents a share) in the quarter ended Sept. 30, compared with $39.7 million (57 cents) in the same period a year earlier. The company’s net investment income fell 12 percent to $106 million.
The REIT primarily invests in distressed residential mortgages and other mortgage-related assets but also does correspondent lending, originating and packaging loans for sales to banks. Its net loan-servicing revenue rose 19 percent to $10.5 million.
Shares closed down 3 cents, or a fraction of a percent, to $21.56 on the New York Stock Exchange.