M.D.C Holdings Q1 Net Income Rises; Home Sale Revenues Up 49%

(RTTNews) - M.D.C Holdings, Inc. (MDC) reported first quarter earnings per share of $1.51 compared to $0.52, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.42, for the quarter. Analysts' estimates typically exclude special items. Net income increased to $110.69 million from $36.76 million.

First quarter home sale revenues were $1.04 billion compared to $697.09 million, last year. Analysts expected revenue of $1.14 billion, for the quarter. Unit deliveries were up 41% to 2,178.

Larry Mizel, MDC's Executive Chairman, stated, "Home sale revenues grew 49% year-over-year on a 41% increase in closings and 6% rise in average selling prices. We continue to see heightened demand for our homes, as evidenced by the 34% year-over-year increase to unit orders for the quarter."

The company expects home deliveries for the second quarter between 2,500 and 2,700. Full year home deliveries are projected between 10,000 and 11,000.