Shares of commercial real estate brokerage Marcus & Millichap Inc. shot up 16 percent on Friday after the company doubled its first-quarter profits. The Calabasas company posted net income of $13.7 million (35 cents a share) for the quarter ended March 31, compared to $6.8 million (17 cents) in the same quarter a year earlier. Revenue rose 28 percent to $147 million. The company, which derives much of its business from multifamily deals involving private investors, said it benefited from a surge of transactions in anticipation of higher interest rates later this year. The results were released after markets closed on Thursday. Shares rose $5.97 on Friday to close at $42.64 on the New York Stock Exchange. MannKind Corp. reported first-quarter results that beat analyst expectations, but the company continues to post losses during the ramp-up of its first drug. The Valencia biotech reported a net loss of $30 million (-8 cents a share ) for the quarter ended March 31, compared to a loss of $52 million (-14 cents) for the same quarter a year ago. Analysts on average expected a net loss of 9 cents a share, according to Thomson Financial Network. The company had zero revenue, although it recorded $7.1 million in shipments of Afrezza, a new form of inhalable insulin that went on sale in the United States in February. Under its marketing agreement with French pharmaceutical company Sanofi, MannKind assumes a third of the losses or profits for Afrezza. During the quarter, MannKind had Afrezza losses of about $12 million. MannKind reported results Thursday after markets closed. Shares closed Friday down 21 cents, or about 5percent, to $3.81 on the Nasdaq. Tutor-Perini Corp. reported a sharp decrease in first-quarter profits, which it attributed to a decrease in higher-margin projects. The Sylmar construction company reported net income of $5.1 million (10 cents a share) for the quarter ended March 31, compared with net income of $15.9 million (33 cents) in the same period a year earlier. Revenue increased 11.6 percent to $1.07 billion. Analysts on average expected earnings of 22 cents on revenue of $1 billion, according to Thomson Financial Network. Chief Executive Ronald Tutor said he anticipates stronger performance in third quarter, when the company’s begins work on the California High-Speed Rail project and Alaskan Way Viaduct. The company has a backlog of projects valued at $7.8 billion. The earning were released after markets closed on Thursday. Shares closed out the week up 28 cents, or more than 1 percent, to $22.68 on the New York Stock Exchange.
