Earnings: Corporate Executive Board, LaSalle, W.R. Grace
*Corporate Executive Board of Arlington said first-quarter profit fell 18 percent, to $15.9 million (45 cents a share) from $19.4 million (50 cents). Revenue grew 10.8 percent, to $138 million.
"We have confidence that we are on the right set of priorities to drive 2008 outcomes and longer-term growth, but we realize that we need very sharp execution given the selling environment that we confront," said chief executive Tom Monahan.
The company did not change 2008 revenue and profit guidance.
*LaSalle Hotel Properties of Bethesda said funds from operations, a key measure for real estate investment trusts, grew in the first quarter to $9.8 million (25 cents) from $7.6 million (19 cents). Revenue fell 1.7 percent, to $129.7 million.
Revenue per available room fell 1 percent, to $118.26 in the quarter. LaSalle said the decrease was anticipated and attributed it to renovation and other projects as well as an earlier Easter.
*W.R. Grace of Columbia said profit more than doubled in the first quarter, rising to $12.9 million (18 cents) from $4.8 million (7 cents). Revenue grew 6.1 percent, to $759.2 million. Sales grew the most in two overseas divisions: Europe Africa, up 9.8 percent, and Latin America, up 14.1 percent. The exchange rate helped boost sales at the specialty chemical maker by 5.2 percent.
Expenses related to Chapter 11 bankruptcy proceedings, net of filing-entity interest income, were $18.4 million, up from $17.8 million in the first quarter of 2007.
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