• Washington Post Co. reported a 13 percent drop in second-quarter earnings, as declining revenue from its flagship paper continued to outweigh gains in the company’s education units. Net income was $68.6 million ($7.19 per share), compared with $78.5 million ($8.17 per share) a year ago. Still, the results beat estimates and the shares rose 4 percent.
• Dynex Capital Inc. of Glen Allen, Va., said net income for the second quarter ended June 30 rose 183 percent to $1.7 million (14 cents) from $612,000 (5 cents) the previous year.
• Williams Scotsman International Inc., a Baltimore provider of temporary work spaces and mobile offices, said net income for the second quarter ended June 30 rose 26 percent to $14.6 million (33 cents) from $11.6 million (27 cents) a year ago.
• FTI Consulting Inc. of Baltimore said net income for the second quarter ended June 30 rose 83 percent to $23 million (53 cents) from $12.6 million (32 cents) the previous year.
• Lockheed Martin of Bethesda, the world’s largest defense company, won a $322 million Air Force contract for five C-130J cargo aircraft. The propeller-driven planes, which can operate from dirt airstrips, will be completed by December 2010, according to the Defense Department.
• The Canadian Department of National Defense awarded a $46.3 million contract to a local unit of Falls Church company General Dynamics to provide 33 armored troop carriers. General Dynamics Land Systems-Canada will modify 33 existing vehicles and add remote weapons capabilities.
• Time Warner Inc., the world’s largest media company, agreed to pay $6.5 million to Homestore Inc. investors led by the California State Teachers’ Retirement System to settle a lawsuit over transactions between its America Online unit and Homestore. Investors accused Homestore of reporting revenue from advertising sales to AOL and others that didn’t bring in any money.
• Constellation Energy Partners, the oil and gas producer spun out from Baltimore utility company Constellation Energy Group, agreed to buy properties in Oklahoma’s Cherokee Basin from Newfield Exploration Co. for $128 million. The transaction, Constellation’s third purchase of coalbed methane assets in the Cherokee Basin, includes proved reserves equivalent to 45 billion cubic feet of gas.
• A federal banking regulator proposed improving its ability to prohibit abusive practices in mortgage lending and credit cards rates. The Office of Thrift Supervision, which oversees about 830 savings and loan institutions nationwide, is proposing a crackdown on abusive lenders amid widespread turmoil in the housing market and criticism from lawmakers.
• U.S. bankruptcy filings were 38 percent higher last month than in July 2006, and are 50 percent higher for all of 2007 than they were a year ago, according to private research company Jupiter ESource. Almost 307,000 bankruptcies were filed in the first seven months of this year.
• Billionaire Warren Buffett’s holding company Berkshire Hathaway Inc. reported that net income for the second quarter ended June 30 jumped nearly 33 percent because of strong performance from its insurance division. Berkshire earned $3.1 billion ($2,018 per Class A share), versus $2.3 billion ($1,522 per share) a year ago.
• Weyerhaeuser Co., one of the world’s largest lumber and paper producers, said its profit for the second quarter ended June 30 dropped sharply due to hefty charges and weakness in housing, but its results beat estimates. Net income fell to $32 million (15 cents), compared with $298 million ($1.19) a year ago.
• Consumer-products maker Procter & Gamble Co., boosted by strong sales of new Gillette razors, said profit for its fourth quarter and the year ended June 30 rose 19 percent. The company behind the Tide, Crest and Pringles brands also confirmed its earnings guidance for the current fiscal year and said it would substantially increase its stock buyback.