Standard Pacific Q4 Profit Tops Estimate

(RTTNews) - Standard Pacific Corp. (SPF) reported net income for the fourth quarter of $64.8 million or $0.16 per share, compared to $486.9 million or $1.22 per share for the year-ago quarter.

Excluding $454 million deferred tax asset valuation allowance reversal, the year-ago quarter earnings per share were $0.08.

Home sales revenue for the quarter rose 58% to $598 .50 million from $377.67 million a year ago, mainly due to a 38% increase in new home deliveries and a 15% increase in the company's consolidated average home price to $446,000.

Analysts polled by Thomson Reuters expected the company to earn $0.14 per share on revenue of $565.73 million for the fourth quarter.

Net new orders for the 2013 fourth quarter decreased 11% from the 2012 fourth quarter to 878 homes.