Improved Ryland Quarter Still Misses ExpectationsFriday, January 27, 2012
The Ryland Group Inc. moved to a profit in the fourth quarter, but the results fell short of Wall Street forecasts.
The Calabasas homebuilder reported net income of $812,000 (2 cents), compared with a loss of $19.1 million (-43 cents) in the same period a year earlier.
Analysts surveyed by Thomson Reuters on average expected the company to report profit of 5 cents per share.
Revenue rose 15 percent nearly $262 million, as the company benefited from a 16 percent increase in closings. New orders rose 24 percent to 910 units.
Shares on Friday closed down 18 cents, or 1 percent, to $18.40 on the New York Stock Exchange.