Ryland Group, Inc. (RYL: Quote) reported a surge in fourth quarter net income to $28.5 million or $0.55 per share, from $812 thousand or $0.02 per share for the year-ago quarter, reflecting impressive home building revenues from last year.
Income from continuing operations for the fourth quarter was $28.9 million, compared with continuing operations of $1.2 million in the prior year quarter.
Total revenue for the quarter rose to $440.1 million from $261.4 million a year ago. Home building revenues for the quarter rose 67.7 percent to $427.5 million from $254.9 million last year.
Analysts polled by Thomson Reuters expected the company to earn $0.20 per share on revenue of $404.35 million for the fourth quarter.
New orders increased 64.1% to 1,493 units in the fourth quarter from 910 units in the same year-ago quarter.
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by RTT Staff Writer
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