M.D.C. Holdings Q3 Profit Down, Misses Estimates; Revenues Up - Quick Facts

(RTTNews) - Homebuilder M.D.C. Holdings, Inc. (MDC) reported Tuesday third-quarter net income of $14.8 million or $0.30 per share, lower than last year's $15.5 million or $0.32 per share.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Total home and land sale revenues increased to $455.65 million from $407.70 million a year ago. Home sale revenues increased 12% to $454.7 million.

The increase in revenue was driven by a 14% increase in average selling price, primarily due to a mix shift to higher-priced submarkets and to a lesser extent price increases implemented earlier in the year.

Average sales price climbed 14% year-over-year to $421,000, while homes delivered dropped to 1,080 units from last year's 1,093 units.

The dollar value of net new orders for the 2015 third quarter increased 13% to $489.0 million.