Standard Pacific swings to profit
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Standard Pacific Corp. posted second-quarter earnings of $10.7 million, or four cents a share, the Irvine homebuilder said Thursday.
Homebuilding revenue jumped as the average price of homes sold increased, and the company reduced the number of its costly land sales in the quarter ended June 30, helping it rebound from a loss of $23.1 million, or 10 cents a share, in the same period last year. Standard Pacific also said it had increased the number of its approved land purchases, signaling optimism about the future.
“Achieving this level of profitability at these sales rates bodes particularly well for our financial performance when the market begins to recover,” Chief Executive Ken Campbell said.
In a sign that things could be slowing down, the company said the number of its net new orders in the second quarter dropped 38%. And the value of its backlog decreased 23% to $237.7 million, with 649 homes, from $308.5 million, with 982 homes, in the same period last year.
Standard Pacific reported revenue of $317.2 million for the quarter, up 9.5% from $289.7 million a year earlier.
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