M.D.C. Holdings (MDC) Tops Q1 EPS by 15c

M.D.C. Holdings (NYSE: MDC) reported Q1 EPS of $0.68, $0.15 better than the analyst estimate of $0.53. Revenue for the quarter came in at $607.69 million versus the consensus estimate of $588.69 million.

• Net income up 74% to $38.8 million, or $0.68 per diluted share, from $22.2 million or $0.40 per diluted share**
  • Effective tax rate of 23.3% vs. 38.8%
• Pretax income up 39% to $50.5 million from $36.4 million
• Home sale revenues up 8% to $607.7 million from $563.5 million
  • Average selling price of homes delivered up 6% to $477,000
• Gross margin from home sales percentage up 230 basis points to 18.2% from 15.9%
• Impairments of $0.6 million vs. $4.9 million
• Selling, general and administrative expenses as a percentage of home sale revenues (\"SG&A rate\") improved 10 basis points year-over-year to 11.7%
• Dollar value of net new orders up 15% to $863.7 million from $750.0 million
  • Monthly sales absorption pace of 4.19, up 19%
• Ending backlog dollar value up 18% to $1.88 billion from $1.59 billion
• Lot purchase approvals more than doubled to 4,072 lots in 47 communities

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

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