|
contents | business | |||||||||
| Ryland reports results for the 1Q 2007 U.S. homebuilder Ryland Group Inc. announced results for its first quarter ended March 31, 2007. The Calabasas, California-based company reported a net loss of $24.4 million, or $0.58 per share, compared to earnings of $90.0 million, or $1.86 per share, for the same period in 2006. The homebuilding segments reported a pretax loss of $32.2 million during the first quarter of 2007, compared to $147.5 million in pretax earnings for the same period in 2006. This decrease was primarily due to a decline in closings and margins, which included the impact of inventory valuation adjustments and write-offs and a goodwill impairment charge. Homebuilding revenue decreased $364.5 million, or 34.5 percent, to $691.4 million for the first quarter of 2007, compared to $1.1 billion for the same period in 2006. This decline was primarily attributable to a 35.2 percent decrease in closings, partially offset by an increase in the average closing price of a home, which rose to $298,000 for the quarter ended March 31, 2007, from $295,000 for the quarter ended March 31, 2006. New orders of 2,989 units for the quarter ended March 31, 2007, represented a decrease of 25.7 percent, compared to new orders of 4,021 units for the same period in 2006. Gross profit margins from home sales averaged 18.7 percent prior to valuation adjustments and 9.2 percent subsequent to these adjustments for the first quarter of 2007, compared to 24.4 percent for the same period in 2006. write your comments about the article :: © 2007 Construction News :: home page |