Irvine-based homebuilder Standard Pacific Corp. has stopped offering earnings guidance for the rest of the year amid an uncertain housing market.
The company also is withdrawing its prior financial guidance for year, Chief Executive Stephen Scarborough said in a release about the company’s second-quarter.
In February, Standard Pacific came out with a 2007 earnings outlook above Wall Street estimates, despite the slumping housing market.
At the time, the company said it expected a 2007 profit of $113 million, versus analysts’ $105 million.
It had expected 2007 sales of $3.2 billion and $3.3 billion, versus Wall Street’s $2.25 billion.
The guidance withdrawal came after Standard Pacific posted a second-quarter loss of $165.9 million late Thursday.
The company’s homebuilding revenue dropped to $695 million from $1 billion a year ago. Sales of finished homes in California dropped 55% from a year ago. Southern California saw a 63% drop in deliveries.
Standard Pacific is the latest homebuilder to be rocked by slowing national sales, falling prices and tightening standards by mortgage lenders.
The company took a $306 million charge in the quarter to account for diminishing land values.
The news didn’t seem to rattle Wall Street,Standard Pacific’s stock was relatively unmoved in Friday trading.
But its shares fell about 20% earlier in the week on bad news for the housing market.
Standard Pacific has a market value of about $950 million.
