William Lyon Homes (WLH) Tops Q3 EPS by 11c, Revenues Miss

William Lyon Homes (NYSE: WLH) reported Q3 EPS of $0.41, $0.11 better than the analyst estimate of $0.30. Revenue for the quarter came in at $466.89 million versus the consensus estimate of $487.15 million.

Matthew R. Zaist, President and Chief Executive Officer, stated, "We are pleased with our financial results for the quarter with adjusted net income of $16.1 million, or $0.41 per diluted share. Our strong bottom line results were driven by our homebuilding gross margins, excluding the one-time inventory charge, of 16.5%, and the profitability of our ancillary operations." Mr. Zaist continued, "Income from our financial services segment was $3.7 million, above our expectations, as the team performed exceptionally well at fully integrating our wholly-owned mortgage platform. Additionally, we recorded our first multi-family apartment sale from our recently launched mixed-use redevelopment platform, which we closed on in the third quarter for a profit of $4.3 million."

For earnings history and earnings-related data on William Lyon Homes (WLH) click here.

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