M.D.C Climbs After Reporting 32% Increase in Home Orders Ahead of Q2 Release

The homebuilder releases preliminary second-quarter results that show a jump in home orders.
By Tony Owusu ,

Shares of M.D.C. Holdings (MDC) - Get Report  were up 3.88% Monday to $34.29 after the homebuilder released preliminary second-quarter results that showed a significant jump in home orders. 

The company reported a 32% increase in new home orders to 2,273 from 1,721. Analysts polled by FactSet were expecting the company to report orders of just 1,791. Meanwhile, new home deliveries were basically flat at 1,514 compared with 1,512 a year ago. 

"Importantly, the growth in our new home orders has been complemented by strong gross margins, which are expected to exceed 19% in the second quarter. Given the success of our spring selling season, we believe that we are well positioned for the remainder of 2019," CEO Larry Mizel said. 

The company will release its official results before the market opens on July 31. 

M.D.C. has homebuilding operations in numerous cities, including its hometown of Denver, Colorado Springs, Salt Lake City, Sand Diego, Washington D.C, Baltimore and others. 

Loading ...