EARNINGS: Big 5, CBRE, JacobsTuesday, July 29, 2014
Local companies Big 5 Sporting Goods Corp., CBRE Group Inc. and Jacobs Engineering Group Inc. were among firms reporting earnings.
BIG 5 SPORTING GOODS CORP.
Big 5 Sporting Goods Corp.’s revenue fell amid due to lower demand for guns and ammo, and net income failed to meet analyst expectations.
The El Segundo sporting goods retailer on Tuesday reported quarterly net income of $2.5 million (11 cents a share), down 59 percent from the $6.1 million in net income earned during the comparable quarter last year.
The retailer’s revenue fell by nearly 4 percent to $231 million. The company blamed the decline partly on reduced demand for guns and ammunition.
Net income fell below analysts’ expectations of 17 cents a share.
Shares of Big 5 Sporting Goods closed at $11.33 on the Nasdaq.
CBRE GROUP INC.
CBRE Group Inc.’s reported higher net income and revenue for the quarter on Tuesday.
The company reported quarterly net income of more than $105 million (32 cents a share), about 51 percent above the same period in 2013. CBRE Group’s revenue rose 22 percent to $2.1 billion.
Chief executive Bob Sulentic said in a statement that the company’s performance can in part be attributed to a growth in leasing activity inside the United States.
CBRE Group shares closed at $32.51 Tuesday on the NYSE.
JACOBS ENGINEERING GROUP INC.
Jacobs Engineering Group Inc. stock fell on Tuesday after the Pasadena company released earnings.
Jacobs Engineering Group on Monday reported quarterly net income of $64.8 million (49 cents a share) for the three months ending June 27, about 40 percent below the same quarter last year. Revenue rose nearly 5 percent to $3.2 billion
Shares fell $1.55, or about 3 percent, to close at $52.39 Tuesday on the NYSE.