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Wednesday, May 25, 2022

Standard Pacific Q3 Up, Shares Down

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Irvine-based Standard Pacific Corp. saw its stock fall by about 10% in early trading on Friday, despite a third-quarter earnings report that saw a sizeable year-over-year increase in earnings and revenue.

The company, Orange County’s largest publically-traded homebuilder, posted third quarter revenue from home sales of $317.4 million, a 31% increase from a year ago, and third quarter net income of $21.7 million, compared to a loss of $6.4 million a year ago.

Analysts had expected higher earnings, in the $30 million range, for the latest results. That pushed the company’s stock down by about 10% in early trading Friday.

The company counts a market value of about $2.4 billion, factoring in preferred shares.

Standard Pacific delivered 861 new homes last quarter, up 24% from a year ago. The average price for a new home sold by the company is $369,000, up 7%.

“We are pleased that the positive momentum we experienced during the first half of 2012 continued into the third quarter,” Chief Executive Scott Stowell said.

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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