EARNINGS: DirecTV, Edison, Oaktree, Occidental, PS Business Parks, Ryland, SuperiorOriginally published July 31, 2014 at 2:36 p.m., updated August 7, 2014 at 11:45 a.m.
DirectTV, Edison International, Oaktree Capital Group, Occidental Petroleum, PS Business Parks, Ryland Group and Superior Industries International were among firms reporting earnings.
El Segundo’s DirecTV on Thursday reported a substantial increase in its quarterly net income, partly fueled by increased demand for pay television services in Latin American.
The satellite TV firm partly credited the popularity of the FIFA World Cup for a rise in Latin American subscriptions. The company added a net 543,000 customers in Latin America during the quarter.
Net income for the quarter ending June 30 increased to $806 million ($1.59) a share, up 22 percent for the same period last year. Revenue increased 5 percent to $8.1 billion.
Analysts expected earnings of $1.53 a share.
DirecTV shares closed slightly lower on Thursday at $86.05 on the Nasdaq.
Edison International’s core earnings increased and beat expectations for the second quarter, the company reported Thursday.
Edison attributed the growth to rate base growth, income tax benefits and other factors.
The utility, which has its main offices in Rosemead, reported core earnings of $352 million ($1.08 a share) for the quarter ending June 30. The figure signifies a 36 percent increase from core earnings of $259 million during the same quarter last year.
Analysts predicted earnings of about 82 cents a share.
Revenue fell about 1 percent to just more than $3 billion.
Edison International’s core earnings leave out gains and losses from discontinued operations, such as the San Onofre Nuclear Generating Station. Core earnings exclude $184 million in income from discontinued operations as well as a $365 million charge related to shutting down the nuclear power plant.
Shares fell 80 cents Thursday, or 2 percent, to close at $54.80 on the NYSE.
OAKTREE CAPITAL GROUP
Downtown Los Angeles money manager Oaktree Capital Group announced that it had earned a smaller profit in the second quarter compared with the same time last year, but its assets under management continue to grow.
The firm on Wednesday reported net income of $31.2 million (72 cents a share) for the three months ended June 30, down 45 percent from the same period a year earlier. Assets under management grew 6 percent to $91.1 billion between the first and second quarter.
The company chalked up its smaller profit to the fact that most of the good bargains in the distressed-debt field, where Oaktree specializes, have already been snapped up. The deals the company is doing now are less lucrative than opportunities it was seeing before.
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