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Standard Pacific Corp. Reports a 26% Increase in Third
Quarter Earnings to a Record $2.16 Per Share, Updated Guidance for 2004 and
Initial Guidance for 2005
Financial and Operating Highlights - 2004 Third Quarter
vs. 2003 Third Quarter * Earnings per share up 26% to a record $2.16 vs.
$1.72 last year * Net income of $74.6 million, up 29% * Homebuilding
revenues up 39% to a record $866 million * Record 2,353 new home deliveries,
up 5% from last year * Homebuilding gross margin up 130 basis points to
23.0% * Record Adjusted Homebuilding EBITDA* of $152 million, an increase of
44% over 2003, and an EBITDA margin of 17.5% * LTM return on average equity
of 24.2% * LTM return on average equity of 24.2% * Record 2,474 new home
orders, up 15% year-over-year * Record quarter-end backlog of 6,956 homes,
valued at $2.4 billion, up 51% EPS Guidance for 2004 raised to $8.75, an
increase of 44% year-over-year Initial Earnings Guidance for 2005 of $9.80
to $10.00 per share
10/27/2004 8:05:00 PM
IRVINE, Calif., Oct 27, 2004 /PRNewswire-FirstCall via COMTEX/ -- Standard
Pacific Corp. (SPF) today reported the Company's 2004 third quarter
operating results.
Stephen J. Scarborough, Chairman and Chief Executive Officer, stated, "We
are pleased to report another record quarter of operating results with
earnings per share growth of 26%, revenue growth of 39%, an LTM return on
average stockholders' equity of 24.2% and a backlog of nearly 7,000 homes
valued at $2.4 billion which provides us with excellent earnings visibility
for the balance of this year and into the first half of 2005. These record
results were achieved despite the series of severe hurricanes which impacted
our Southeastern region and resulted in delivery delays of nearly three
hundred homes during the third quarter. In addition, our strong year over
year increase in earnings per share this quarter is on top of a 153%
increase in EPS in last year's third quarter.
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