Irvine-based homebuilder Standard Pacific Corp. saw its shares drop more than 6% on Friday, after reporting worse-than-expected third quarter results.
After the market closed on Thursday, Standard Pacific reported third-quarter earnings of $30.8 million, down from $96.4 million a year earlier.
Most analysts were expecting profits of up to $44 million.
Earnings were hit by an 18% decrease in completed new home sales, including a 7% decline in California.
Net new home orders for the company totaled 1,200 homes; that’s a 58% decrease from a year ago.
In Southern California, orders were off 72%.
Besides the disappointing third quarter, Standard Pacific also projected fourth-quarter and full-year earnings below analysts’ targets.
