CalAtlantic Group (CAA) Tops Q2 EPS by 9c; $500M Buyback

CalAtlantic Group (NYSE: CAA) reported Q2 EPS of $0.83, $0.09 better than the analyst estimate of $0.74. Revenue for the quarter came in at $1.56 billion versus the consensus estimate of $1.54 billion.

Larry Nicholson, President and Chief Executive Officer of CalAtlantic Group, Inc. commented, "The CalAtlantic team delivered a strong second quarter, with home sales revenue up 17% and adjusted pretax income up 22%*, compared to the pro forma prior year period. In addition, our SG&A percentage reached a second quarter decade low 10.6% that, when combined with our 21.9% gross margin, delivered an operating margin of 11.2% and EPS of $0.83." Nicholson continued, "It is gratifying to see the benefits we anticipated from our October 2015 merger showing up in our results."

The Company's Board of Directors has authorized the repurchase of up to $500 million of the Company's common stock. This authorization replaces the previous February 2016 $200 million authorization. The Company's share repurchases may be made, from time to time, on the open market or otherwise. The amount of any shares purchased and the timing of the purchases will be subject to general business conditions and other factors. The share repurchase authorization will continue in effect until terminated by the Board of Directors. The Company intends to retire the repurchased shares.

For earnings history and earnings-related data on CalAtlantic Group (CAA) click here.

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