Ryland Group Inc. on Wednesday reported a smaller third quarter loss than a year ago as the home builder took fewer write-offs, but revenues failed to meet Wall Street expectations.

After the markets closed, the Calabasas company reported a net loss of $52.5 million (-$1.20 a share), compared with a loss of $65.7 million (-$1.54) a year ago. Revenue fell 40 percent to less than $328 million.

The company, which also finances mortgages, said the results included $39.1 million in valuation adjustments and write-offs, 39 percent less than a year ago. New orders fell 1 percent to 1,270 units. Closings fell 34.4 percent to 1,323 units. The company’s financial-services unit posted a 32 percent decline in the number of mortgages originated.

Analysts surveyed by Thomson Reuters on average expected a per-share loss of 88 cents on revenue of $354 million.

Even before the quarterly report, shares of Ryland and other homebuilders were hurt by new government statistics on contracts to buy homes. The Commerce Department said sales slid 3.6 percent in September to 402,000, well below the 440,000 analysts had expected.

Shares closed down $1.39, or 7 percent, to $18.66, and dropped less than1 percent in after-market trading