Industry News

Home builder reports record earnings

Average home price at $376,000 for third quarter

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Home builder Standard Pacific Corp. reported a 26 percent increase in third-quarter earnings to a record $2.16 per share compared to $1.72 last year. Net income, at $74.6 million, was up 29 percent from the third quarter of 2003, and home-building revenues were up 39 percent to a record $866 million. Standard Pacific Corp. also reported 2,353 new home deliveries, up 5 percent from third-quarter 2003, and a record 2,474 new home orders, up 15 percent year-over-year. At the end of the third-quarter of this year, Standard Pacific had a backlog of 6,956 homes, valued at $2.4 billion. This backlog is up 51 percent from the end of the third quarter in 2003. Stephen J. Scarborough, chairman and CEO, said, "These record results were achieved despite the series of severe hurricanes, which impacted our Southeastern region and resulted in delivery delays of nearly 300 homes during the third quarter. In addition, our strong year-over-year increase in earnings per share this quarter is on top o...