Ryland Group Q3 Profit Rises - Quick Facts

(RTTNews) - The Ryland Group, Inc. (RYL) reported that its third-quarter net income from continuing operations increased to $53.6 million, or $0.95 per share, from $10.4 million, or $0.21 per share, last year. Net income was $53.6 million or $0.95 per share, compared to $10.6 million or $0.22 per share, prior year.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.90 for the quarter. Analysts' estimates typically exclude special items.

New orders increased 6.1 percent to 1,592 units for the third quarter of 2013 from 1,500 units for the third quarter of 2012. Homebuilding revenues increased 61.2 percent to $562.9 million from $349.2 million, a year ago. The company said the rise in homebuilding revenues was primarily attributable to a 43.5 percent increase in closings that totaled 1,883 units for the quarter ended September 30, 2013, compared to 1,312 units for the same period in the prior year, as well as to a 12.9 percent higher average closing price, which was $298 thousand for the third quarter of 2013.

Revenues totaled $576.4 million, a 60.7 percent increase from $358.7 million, a year ago. Analysts expected revenue of $601.64 million for the quarter.

The company expects its fourth-quarter homebuilding revenues of approximately $665.0 million and earnings per share ranging from $1.10 to $1.20 per share. Analysts expect the company to report fourth-quarter profit per share of $1.05 on revenue of $679.39 million.