Revenue Climbs at Ryland

The homebuilder also exceeds profit estimates.
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Ryland Group

(RYL)

reported the company's highest second-quarter consolidated earnings, revenue, new orders and backlog in its history, and the California-based homebuilder raised its forecast for the year.

The company earned $104.3 million, or $2.10 a share, for the quarter ended June 30, up from $76.5 million, or $1.51 a share, for the same period a year ago. Consolidated revenue of $1.2 billion rose 26.3% from $918.5 million last year.

Ryland posted 4,988 new orders for the quarter and 4,038 closings. The company's backlog was 10,534 units, up 17% from the prior year, with a dollar value of $3.1 billion.

Additionally, Ryland raised its earnings guidance, saying its profit should exceed $8 a share for 2005. Analysts surveyed by Thomson First Call expected the company to earn $1.80 a share for the quarter, while Wall Street's consensus target is $8.15 for the year.

Shares of Ryland were slipping 74 cents to $82.39 in after-hours trading.