Ryland Group Q4 Profit Surges, Results Beat View - Quick Facts

(RTTNews) - Ryland Group, Inc. (RYL) reported that its fourth-quarter net income was $72.25 million or $1.27 per share, up from $28.57 million or $0.55 per share in the year-ago period.

Net income from continuing operations increased to $72.31 million or $1.27 per share from $28.95 million or $0.56 per share last year.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings per share of $1.13 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter surged 58 percent to $696.67 million from $440.14 million in the year-ago period. Analysts had a consensus revenue estimate of $668.97 million for the quarter.

Homebuilding revenues increased 60 percent to $685.0 million from $427.5 million in the same period last year. The company said the rise in homebuilding revenues was primarily attributable to a 39 percent increase in closings that totaled 2,178 units for the quarter as well as to a 16.3 percent increase in average closing price to $314,000.

New orders for the quarter declined 4.4 percent from the prior year to 1,428 units. Excluding 102 backlog units attained in the acquisition of Trend Homes in the year-ago quarter, new orders increased 2.7 percent for the latest quarter.