Standard Pacific Corp. (SPF) Misses Q1 EPS by 1c

Standard Pacific Corp. (NYSE: SPF) reported Q1 EPS of $0.09, $0.01 worse than the analyst estimate of $0.10. Revenue for the quarter came in at $446.9 million versus the consensus estimate of $465.45 million.

Highlights

• Net income of $38.2 million, or $0.09 per diluted share, vs. $21.8 million, or $0.05 per diluted share
• Pretax income of $61.6 million, up 74%
• Net new orders of 1,311, down 6%; Dollar value of net new orders up 16%
• Backlog of 2,016 homes, up 9%; Dollar value of backlog up 39%
• 174 average active selling communities, up 10%
• Home sale revenues of $446.9 million, up 26%
• Average selling price of $449 thousand, up 20%
• 995 new home deliveries, up 5%
• Gross margin from home sales of 26.6%, compared to 21.0%
• Operating margin from home sales of $60.1 million, or 13.4%, compared to $28.2 million, or 7.9%
• $224.1 million of land purchases and development costs, compared to $124.4 million

Scott Stowell, the Company's Chief Executive Officer commented, "The strong operating performance we achieved during the last two years has continued into the first quarter, with pretax income, backlog value, home sale revenues and new order value up 74%, 39%, 26% and 16%, respectively." Mr. Stowell added, "In addition to these solid results, I am particularly pleased with our operating margin from home sales, which was 13.4% for the 2014 first quarter, a 550 basis point improvement from the prior year."

For earnings history and earnings-related data on Standard Pacific Corp. (SPF) click here.

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