Ryland Posts Increase in Earnings, Trims Outlook
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Calabasas-based home builder Ryland Group Inc. reported better-than-expected first-quarter earnings Thursday, but new orders fell sharply and the company cut its outlook.
The No. 7 U.S. home builder said it earned $90 million, or $1.86 a share, in the first quarter, well above analysts’ average forecast of $1.74 a share. A year earlier, it earned $62.7 million, or $1.25 a share.
Revenue, reflecting orders taken about six months ago when the market was stronger, rose 23% to $1.07 billion, slightly more than expected.
Ryland shares rose 79 cents to $69.37.
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