William Lyon Homes Q3 Earnings Beat Estimates - Quick Facts

(RTTNews) - William Lyon Homes (WLH) Friday reported a drop in third-quarter net earnings, as higher cost of sales overshadowed a rise in home deliveries and sales prices. Earnings, however, beat analysts' estimates.

For the three months to September, net earnings were $5.64 million or $0.17 per share, down from $7.56 million or $0.24 per share a year earlier.

Excluding certain items, per-share earnings of $0.31 bested the $0.27 average estimate of four analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Operating revenues increased to $206.89 million, from $150.83 million last year. Analysts were looking for revenues of $241.32 million.

New home deliveries rose 19 percent to 424, and average selling price grew 16 percent to $462,500.

For the fourth quarter, the company expects 650 to 700 new home deliveries and homebuilding revenues of $300 million to $330 million.