M.D.C. Holdings (MDC) Tops Q4 EPS by 4c, Miss on Revenues

M.D.C. Holdings (NYSE: MDC) reported Q4 EPS of $0.72, $0.04 better than the analyst estimate of $0.68. Revenue for the quarter came in at $702.6 million versus the consensus estimate of $729.03 million.

2018 Outlook – Selected Information

• Backlog dollar value at 12/31/2017 up 16% year-over-year to $1.60 billion
  • Gross margin from home sales percentage in backlog at 12/31/2017 exceeds 2017 fourth quarter closing gross profit margin of 17.3%
  • Backlog conversion ratio (home deliveries divided by beginning backlog) for Q1 2018 estimated to be in the 38% to 40% range
• Active subdivision count at 12/31/2017 of 151, down 8% year-over-year
  • Targeting a 10% year-over-year increase in active subdivision count from 151 at 12/31/2017 to at least 166 at 12/31/2018
• Lots controlled of 19,312 at 12/31/2017, up 32% year-over-year
• Quarterly dividend of $0.30 ($1.20 annualized) declared in January 2018, up 20% sequentially
• Preliminary estimate for full year 2018 effective tax rate of 25% to 27%, excluding impact of any potential discrete items

For earnings history and earnings-related data on M.D.C. Holdings (MDC) click here.

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