Catellus Earnings jump 31% in Q2

Catellus Development Corp. said Tuesday its net income for the second three months of the year was $26.1 million, or 24 cents a diluted share, versus $17.8 million, or 16 cents a diluted share, for the second quarter of 1999.

Earnings were well below analyst estimates of 34 cents a share. Catellus stock closed up 12.5 cents at $17.19, after hitting a 52-week high of $17.68 a share in intraday trading on Monday. Despite that, a company spokesman told GlobeSt.com the company feels Wall Street is under valuing the company.

Capitalizing on its opinion, the company continued a nine-month-old stock buyback program, taking back 796,000 shares in the quarter for a total cost of $11.3 million. Through the end of July, Catellus has purchased 1,979,200 shares of common stock for a total cost of$28.4 million.