Los Angeles Business Journal

EARNINGS: Activision, AECOM, American Homes 4 Rent, American States Water, Colony Financial, Hudson Pacific Properties, Tutor Perini

Tuesday, August 5, 2014

Activision Blizzard, AECOM Technology Corp., American Homes 4 Rent, American States Water Co., Colony Financial Inc., Hudson Pacific Properties and Tutor Perini Corp. were among firms reporting earnings.

ACTIVISION BLIZZARD

Santa Monica video game publisher Activision Blizzard on

Tuesday beat forecasts despite a drop in revenue and net income for the second quarter.

Activision, which publishes games in the “Call of Duty” and “World of Warcraft” series, on Tuesday reported net income of $204 million (28 cents a share) for the quarter ending June 30, compared with net income of $324 for the same quarter last year. Revenue fell 8 percent to $970 million.

Activision said digital sales were strong for titles such as “World of Warcraft” and “Diablo 3: Reaper of Souls.” Digital sales comprised about half of the company’s revenue for the quarter, up from 37 percent in the same quarter a year ago.

Net income excluding stock-based compensation, deferred revenue from games and other items was 6 cents a share on revenue of $658 million. Analysts had expected net income of 2 cents a share and revenue of $608 million.

Activision Chief Executive Bobby Kotick said he’s optimistic about forthcoming game releases, such as “World of Warcraft: Warlords of Draenor.”

“Over the next few months we expect to release some of the very best games in our company’s history,” Kotick said in a statement.

Shares rose 64 cents, or 3 percent, to $23.00 in afterhours trading on the Nasdaq.

AECOM TECHNOLOGY CORP.

Downtown L.A. engineering and technical services firm Aecom Technology Corp. reported better-than-expected earnings Tuesday morning, helped by U.S. tax deductions.

Aecom reported net income of $69.2 million (70 cents a share) for the quarter ended June 30, down 2 percent from the same quarter a year ago. Revenue fell 5 percent to $2.2 billion.

Analysts had expected net income of 64 cents a share and revenue of $1.96 billion.

Aecom executives said the firm benefitted from unexpected U.S. tax deductions that added nearly 10 cents to the firm’s per-share earnings for the quarter.

Shares closed down slightly Tuesday at $34.38 on the NYSE.

AMERICAN HOMES 4 RENT

American Homes 4 Rent reported late Monday second-quarter funds from operations in line with Wall Street expectations, as the company remains aggressive in expanding its housing portfolio.

The Agoura Hills single-family landlord reported FFO of $35.3 million (15 cents a share) for the quarter ended June 30. The company does not have comparable numbers for the second quarter last year, as it was prior to going public. Revenue increased 22 percent to $94.3 million.

Page 1 of 3

Prev