Earnings: On Assignment, Avery Dennison, PS Business Parks

On Assignment Inc. (ASGN) announced its second quarter financial results on Wednesday, reporting net income of $26 million (48 cents a share) for the second quarter ended June 30, compared with net income of $14.3 million (27 cents) for the same quarter a year ago. Adjusted earnings were 79 cents per share. Revenue increased 25 percent to $608 million. Analysts on average expected earnings of 78 cents a share on revenue of $600 million, according to Thomson Financial Network. Shares closed down $1.71, or 4.2 percent, to $38.70 on the New York Stock Exchange. Shares of Avery Dennison Corp. (AVY) jumped nearly 3 percent Wednesday following the release of second-quarter results that beat analysts’ expectations and prompted the company to raise its guidance for the year. The international labeling and packing materials company, based in Glendale, reported net income of $80 million ($1.09 a share) in the second quarter, a 2 percent increase from $63 million (91 cents a share) the same period last year. Analysts predicted quarterly earnings of around $1.00 a share, according to Thomson Financial Network. Revenue was $1.54 billion, up from $1.51 billion the previous year. Shares of Avery Dennison gained $2.18, or about 3 percent, to close at $78.55 on the New York Stock Exchange. Glendale-based PS Business Parks Inc. (PSB) missed analysts’ expectations on earnings and revenue for its second quarter. For period ended June 30, the real estate investment trust that owns industrial and office properties, reported funds from operations of $45.3 million ($1.30 a share), compared to $41.2 million ($1.20 a share) for the same quarter a year ago. The REIT missed analysts’ averaged estimates of $1.39 a share by 6.9 percent. Funds from operations is a metric used by REITs to define cash flow from operations. The company also changed top executives over the quarter. On July 1, Maria Hawthorne took over as chief executive officer, replacing Joseph Russell Jr. Revenue was $96.2 million for the quarter, compared to $93 million from the same, year-ago period. Analysts expected $97 million. Shares closed down 55 cents, or a fraction of a percent, to $110.59 on the New York Stock Exchange.