Danaher Profit Rises 25.5%
Danaher, the District-based maker of Sears Craftsman tools and other products, reported a 25.5 percent increase in its second-quarter profit, due to acquisitions and a one-time gain from the sale of a business and a minority interest. For the three months ended July 1, the company said it earned $229 million (70 cents a share), up from $182 million (56 cents) in the comparable quarter last year. Sales increased to $1.9 billion from $1.6 billion.
AvalonBay Reports Profit Gains
AvalonBay Communities, an Alexandria real estate investment trust, said funds from operations, a common measure of profitability for REITs, rose in its second quarter to $72.3 million (97 cents a share) from $60.4 million (83 cents). The company, which owns high-end apartment communities in 10 states and the District, said income after dividends rose 67 percent, to $54.7 million (74 cents) from $32.9 million (46 cents). Revenue rose 19.6 percent, to $72.3 million.
Mixed 2nd Quarter for Washington REIT
Washington Real Estate Investment Trust said funds from operations rose slightly in its second quarter, to $21.4 million (51 cents a share), from $21.2 million (51 cents). The Rockville company, which owns 67 office buildings, retail centers and industrial properties in the Washington area, said profit fell slightly to $10.9 million (26 cents) from $11 million (26 cents). Revenue rose 9 percent, to $46.8 million.
Sallie Mae Profit Drops 52% to $297 Million
Sallie Mae reported a 52 percent drop in its second-quarter profit as the company recorded $106 million in losses from derivative and hedging activities. The largest U.S. student loan provider said it earned $297 million (66 cents a share), down from $615 million ($1.29).
Provident Profit Jumps 76% to $18.4 Million
Provident Bankshares of Baltimore posted a 76 increase in profit for its second quarter. The owner of Provident Bank said it earned $18.4 million (55 cents a share), up from $10.5 million (34 cents). The company said net interest income rose 12 percent, to $50.8 million, up from $45.4 million. Average deposits also increased $113 million, or 3 percent.
Compiled from staff and news service reports.