Ryland Q2 Profit Plunges In Absence Of Last Year's Tax Benefit

(RTTNews) - Home builder The Ryland Group, Inc. (RYL) Thursday said second-quarter net income from continuing operations plunged to $32.0 million, or $0.57 per share, from $231.2 million, or $4.16 per share, in the prior year.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude special items.

The latest results included tax expense of $20.16 million, compared to benefit of $186.95 million last year.

Pretax earnings from continuing operations rose to $52.2 million from $44.3 million.

Revenues increased 17.1 percent to $577.4 million from $493.0 million in the prior year. Analysts expected revenues of $618.51 million.