Earnings Roundup: Hudson Pacific, Kennedy-Wilson, Live NationTuesday, November 5, 2013
Hudson Pacific Properties Inc. reported wider losses after markets closed Monday, though the publicly traded real estate trust beat Wall Street expectations.
The Los Angeles firm reported a net loss of $5.7 million (10 cents a share) for the quarter ended Sept. 30, compared with a loss of $3.4 million (7 cents a share) for the same period last year. But the company also reported higher-than-expected funds from operations Analysts expected funds from operations of 22 cents a share, but the company reported 24 cents a share.
Hudson Pacific shares were down slightly Tuesday on the NYSE, closing at $20.68, less than 1 percent below Monday’s close.
Kennedy-Wilson Holdings Inc., another local real estate investment firm, also beat analysts’ expectations. The Beverly Hills company reported a loss for the quarter of $4.1 million (6 cents a share), compared with $6.2 million (11 cents a share) in the same quarter last year.
The company posted a big gain in revenue, reporting sales of $33 million in the most recent quarter, beating analysts’ expectations of about $22 million and more than doubling revenue from the same period last year.
Shares were up 2 percent to $20.35 in after-hours trading Tuesday on Nasdaq.
Beverly Hills concert promoter Live Nation Entertainment Inc. reported a big gain in revenue but lower net income for the quarter.
In earnings released after markets closed Tuesday, the company reported $2.3 billion in revenue, up 15 percent from the same quarter last year. But the company’s net income of $50 million represented a decline of 26 percent.
Live Nation shares were down 2.6 percent to $18.89 in after-hours trading Tuesday on the NYSE.