Ryland Group (RYL) Tops Q3 EPS by 5c
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Ryland Group (NYSE: RYL) reported Q3 EPS of $0.85, $0.05 better than the analyst estimate of $0.80. Revenue for the quarter came in at $680.2 million versus the consensus estimate of $708.2 million.
Homebuilding revenues increased 18.7 percent to $668.2 million for the third quarter of 2014 from $562.9 million for the same period in 2013. This rise in homebuilding revenues was primarily attributable to a 7.2 percent increase in closings that totaled 2,018 units for the quarter ended September 30, 2014, compared to 1,883 units for the same period in the prior year, as well as to an 11.1 percent rise in average closing price, which was $331,000 for the third quarter of 2014, versus $298,000 for the same period in 2013. Homebuilding revenues for the third quarter of 2014 included $441,000 from land sales, which resulted in pretax earnings of $142,000, compared to homebuilding revenues for the third quarter of 2013 that included $2.3 million from land sales, which resulted in pretax earnings of $233,000.
New orders increased 7.2 percent to 1,707 units for the quarter ended September 30, 2014, from 1,592 units for the same period in 2013. New order units for the third quarter of 2013 included 90 backlog units from the acquisition of Cornell Homes in July 2013. The Company had an average monthly sales absorption rate of 1.8 homes per community for the quarter ended September 30, 2014, versus 2.0 homes per community for the quarter ended September 30, 2013, and an average cancellation rate of 21.9 percent for the quarter ended September 30, 2014, versus 23.0 percent for the same period in 2013. For the third quarter of 2014, new order dollars increased 13.4 percent to $592.9 million from $523.0 million for the third quarter of 2013. At September 30, 2014, backlog increased 5.4 percent to 3,559 units from 3,376 units at September 30, 2013. At September 30, 2014, the dollar value of the Company’s backlog was $1.2 billion, reflecting a 14.5 percent rise from $1.1 billion at September 30, 2013.
For earnings history and earnings-related data on Ryland Group (RYL) click here.
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