Tuesday’s L.A. News RoundupTuesday, August 7, 2012
IMPROVED PROFIT: Shares of Ducommun Inc. jumped 28 percent to $12.51 on Tuesday after the Carson aerospace components maker reported better-than-expected second quarter profit. Net income was $5.5 million (52 cents a share), compared with a net loss of $2.9 million (-28 cents) in the same period a year earlier. When adjusted for one-time items, net income was 37 cents a share, beating the Wall Street consensus of 30 cents. Revenue rose 71 percent to nearly $185 million, but was still below analysts’ forecasts of $189 million.
EARNINGS MISS: Shares of Aecom Technology Corp. jumped 18 percent to $18.82 on Tuesday even though the Los Angeles professional and technical services provider reported 6 percent lower third-quarter net income of $69.4 million (63 cents a share). Revenue rose more than 2 percent to $2.1 billion. The Wall Street consensus was for earnings of 64 cents a share on revenue of less than $2.1 billion. Analysts speculated that investors were impressed that company reported a significant increase in free cash flow and also reaffirmed its guidance for the full year.
CHICAGO FORECLOSURES: Younan Properties Inc. reportedly is facing foreclosure lawsuits seeking more than $45 million on three office properties in the north and northwest suburbs of Chicago. Chicago Real Estate Daily reports that the Woodland Hills real estate developer has been hurt by weak demand for commercial real estate in that region. Younan acquired the buildings in 2006 during the real estate boom.