Shares of Irvine-based homebuilder Standard Pacific Corp. closed lower Monday after the company warned late Friday about results for the current quarter.
The company is the fourth homebuilder to reduce its earnings forecast in recent days, following similar announcements by Miami-based Lennar Corp., Atlanta-based Beazer Homes USA Inc. and Los Angeles-based KB Home.
Standard Pacific said it was lowering its profit outlook because of worsening market conditions and lower than expected orders for new homes.
The company didn’t offer new profit guidance but said it expects it to be “materially below” prior guidance and Wall Street’s expectations.
Contracts to buy new homes were down 58% for the first two months of the third quarter, Standard Pacific said, spurred by cancellations and softening demand.
