Industry News

Home builder’s profits rise to $108.7 million

New-home orders increase 27% at Ryland

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The Ryland Group, a large home-building corporation, reported record fourth-quarter consolidated net earnings of $108.7 million, or $2.17 per share, up from $86.1 million the previous year. Southern California-based Ryland operates in 27 markets across the country. The company reported consolidated revenues of $1.2 billion in the fourth quarter, up 16.1 percent from $1.1 billion during the same quarter in 2003. Ryland recorded record fourth-quarter new orders of 3,217, signifying a 27.1 percent over the prior year, and fourth-quarter closings of 4,654, up 5.8 percent. The home-building segment reported record quarterly pretax earnings of $180.5 million, up 25.3 percent from $144.1 million reported in the fourth quarter 2003. Home-building revenues rose $200 million, or 16.3 percent, to $1.2 billion. This was primarily due to a 10 percent increase in the average closing price of a home from $231,000 to $254,000. Home-building revenues included $37.9 million from land sales, compa...