William Lyon Homes Q2 Profit Rises As Revenue Climbs 37% - Quick Facts

(RTTNews) - William Lyon Homes (WLH) Wednesday said second-quarter net income available to common stockholders rose to $12.3 million or $0.38 per share from $6.85 million or $0.29 per share last year.

On average, 4 analysts polled by Thomson Reuters expected earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenue increased 37 percent to $179.8 million from $131.44 million in the prior year. Two analysts expected revenues of $177.75 million.

Home sales revenue climbed 39 percent to $168.2 million from $120.6 million last year. The increase was driven by a 43 percent increase in the average sales price of homes delivered.

Net new home orders grew 8 percent from last year to 388.

"We continued to improve our year-over-year performance across a number of operating and financial metrics, highlighted by significant increases in home sales revenue and the dollar value of orders, while also increasing our homebuilding gross margin percentage from the year ago quarter," said William Lyon, Chief Executive Officer.

Further, the company said that on August 12, it acquired the residential homebuilding business of Polygon Northwest Homes, funding the acquisition with a combination of the proceeds from the issuance of $300.0 million of senior unsecured notes due 2022, $120.0 million of borrowings from a one-year senior unsecured credit facility and cash on hand, including proceeds from certain land banking arrangements.