Industry News

Home builder Standard Pacific profits climb

Average Q4 home price drops 12 percent

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Home builder Standard Pacific Corp. today reported that its net income in fourth-quarter 2005 increased 11.5 percent, from $138.8 million to $154.9 million, compared to fourth-quarter 2004. And net income for the full year was up 39.6 percent, from $315.8 million to $441 million, compared to 2004. Fourth-quarter 2005 earnings were up 10 percent to $2.22 per share from $2.01 per share in fourth-quarter 2004. Home-building pretax income for the 2005 fourth quarter increased 11 percent to $247.9 million from $223.8 million the prior year, driven by an 8 percent increase in home-building revenues, an 80 basis point improvement in the company's homebuilding gross margin percentage, and a $15.1 million increase in home-building joint venture income, Standard Pacific reported. During the 2005 fourth quarter, the company's average home price declined 12 percent year-over-year to $351,000. The decline was due to the shifting geographic mix of the company's new home deliveries whereby 72 percent...