MDC Holdings Q1 Profit Rises, Tops Estimates

(RTTNews) - M.D.C. Holdings, Inc (MDC), home construction company, on Thursday posted a rise in its earnings for the first quarter on improved sales, driven by a solid demand across of its homebuilding divisions. Earnings also beat the Street view.

For the first three-month period of 2022, the home builder reported a net income of $148.42 million or $2.02 per share, compared with $110.69 million or $1.51 per share, reported for the same period, last year.

Seven analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $1.91. Analysts' estimates typically exclude one-time items.

Pre-tax earnings were $201.88 million as against $ 144.31 million, reported a year ago. The company's comprehensive income also moved up to $148.42 million, from $110.69 million.

The Group generated its home sales revenues at $1.240 billion, compared with $ 1.041 billion, reported for the first quarter of 2021.

Analysts', on average, had expected the company to report a revenue of $1.21 billion.

Looking ahead, for the second quarter, the company expects its homes deliveries to be in the range of 2,400 - 2,600.