The homebuilding segments reported pretax earnings of $32.1 million for the fourth quarter of 2012, compared to pretax earnings of $7.0 million for the same period in 2011. This increase was primarily due to a rise in closing volume; higher housing gross profit margin, including lower inventory and other valuation adjustments and write-offs; and a reduced selling, general and administrative expense ratio, partially offset by higher interest expense.Homebuilding revenues increased 67.7 percent to $427.5 million for the fourth quarter of 2012, compared to $254.9 million for the same period in 2011. This rise in homebuilding revenues was primarily attributable to a 58.9 percent increase in closings that totaled 1,567 units for the quarter ended December 31, 2012, compared to 986 units for the same period in the prior year, as well as to a 5.9 percent increase in average closing price, which was $270,000 for the fourth quarter of 2012, versus $255,000 for the same period in 2011. Homebuilding revenues for the fourth quarter of 2012 included $3.8 million from land sales, which resulted in pretax earnings of $981,000, compared to homebuilding revenues for the fourth quarter of 2011 that included $3.1 million from land sales, which resulted in pretax earnings of $228,000.
Ryland Reports Results For The Fourth Quarter Of 2012
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