Standard Pacific Corp. reported second-quarter net income of $96.5 million, ($1.44 per share), compared to $107.6 million, ($1.54 per share), for the same period last year. Revenue for the Irvine-based homebuilder rose 11 percent to $1 billion from $952.3 million.

The company cited weak buyer confidence as well as rising interest rates and growing home inventories. The company said it expected third-quarter earnings per share to be 80 cents to 85 cents with full-year earnings-per-share guidance to $5.10 to $5.40 from a previous projection of $6.50.

Fellow L.A.-area home builders KB Home and Ryland Group Inc. also reported tepid earnings for the second quarter. KB home reported a gain in profits of 14 percent, but saw a 19 percent decrease in new home orders. Ryland saw profits dip 9 percent and also saw a 40 percent plunge in new home orders for the second quarter when compared to the same period last year.