Among local companies reporting earnings Wednesday were Tutor Perini, LTC Properties and MannKind Corp., all of which missed their earnings expectations. Meanwhile, Qualstar, which reported late Tuesday, had a big jump in earnings.
Tutor Perini Misses Big
Tutor Perini Corp., a construction company headquartered in Sylmar, on Wednesday reported earnings for the first quarter that badly missed expectations.
For the period ended March 31, the company reported a net loss $12.1 million, or minus 24 cents a diluted share, down from net income in the same quarter last year of $13.8 million, or 27 cents. However, the company had an unexpected charge equal to 25 cents a share due to an arbitration decision on a subcontractor dispute in New York. Still, those adjusted earnings were 27 cents a share lower than analysts’ expectations.
Revenue for the quarter was $1.03 million, down 8 percent from the same quarter last year and $30 million below projections.
On the other hand, the company reported a backlog at the end of the quarter of $8.5 billion, a record high and up 18 percent from a year earlier.
Earnings were reported at the markets’ close. Tutor Perini’s stock (TPC) closed down 15 cents, or less than 1 percent, to $21.45 on Wednesday.
LTC Has Small Miss
LTC Properties, Inc., a real estate investment trust that owns senior housing and health care properties, on Wednesday announced earnings that barely missed expectations.
For the quarter ended March 31, the Westlake Village company reported net income available to common stockholders of $20.3 million, or 51 cents a diluted share, down from $21.4 million, or 54 cents, in the same period last year. Funds from operations equaled 75 cents a share, down from 78 cents a year earlier, and one cent less than analysts’ expectations.
The decrease was primarily due to a reduction in rental income because some properties were sold last year and because of a previously disclosed defaulted master lease as well as higher interest expenses.
The company’s stock (LTC) on Wednesday closed up 66 cents, or 1.7 percent, to $38.13.
MannKind Reports Huge Sales Increase
MannKind Corp. reported a 184 percent increase in first quarter sales year-over-year, the Westlake Village biotech company announced Wednesday. But it still missed on earnings expectations.
The company reported a first quarter net loss of $30.4 million, or minus 25 cents a share. Analysts had expected a loss of 23 cents a share, according to Thompson Financial.
Total quarterly revenue amounted to $3.4 million.
MannKind manufactures Afrezza, an inhalable insulin medication to treat diabetes.
“We started 2018 with solid growth of 184 percent in quarterly Afrezza sales year-over-year, which reflects our progression as a fully-integrated commercial enterprise and our focused promotional efforts,” said Chief Executive Michael Castagna.
Shares of MannKind (MNKD) rose 6 cents, or 3 percent, to close at $1.79 on the NASDAQ.
Qualstar Has Big Quarter
Qualstar Corp. broadened its income and revenue in the first quarter.
The Simi Valley manufacturer of data storage and power supply products reported on Tuesday a net income of $590,000 (28 cents a share) on revenue of $2.9 million for the quarter ending March 31. That compares to a net income of $58,000 (3 cents) on revenue of $2.4 million in the same period a year earlier.
No analysts follow the company.
Chief Executive Steven Bronson said he was delighted with the “solid” financial results in the first quarter.
“We benefited from an increase in revenues from data hardware sales and product development services, which revenues were partially offset by a decline in power supply revenues caused by component shortages,” Bronson said in a statement.
Qualstar released its earnings on Tuesday. On Wednesday shares in company (QBAK) closed down 16 cents, or about 1.5 percent, to $10.59 on the Nasdaq.