Newport Beach-based William Lyon Homes Inc. reported Monday a second-quarter profit of $73 million before taxes, up 40% from a year earlier, and home sales of $362 million, down 1%.
The builder raised its outlook for the year, based on land sales and a better-than-expected rate of new home orders during the first half of the year. It now expects revenue of more than $1.8 billion, which is what the company posted last year.
William Lyon previously said weather delays and softening in some markets would result in up to a 15% drop in sales and profits this year.
The builder saw orders for new homes climb 2% in the second quarter to 1,154 homes.
Its earnings took a $2.9 million charge for financial advice and legal expense related to Chairman William Lyon’s bid to buy shares he doesn’t already control and take the company private.
Four members of a special committee that rejected Lyon’s offer as inadequate resigned last week from the company’s board. They cited a letter by Lyon, which said they did not engage in “meaningful dialogue” over his proposal.
The board members were James Dalton, William McFarland, Michael Meyer and Randolph Westerfield.
