Standard Pacific swings to loss in 3Q on charges
Post on: 2011-11-02 By: admin
IRVINE, Calif. (AP) — Standard Pacific Corp. said Thursday that it moved to a loss in the third quarter as the homebuilder absorbed charges related to its unsold inventory of homes and restructuring costs.But the builder's revenue got a boost from hefty annual increases in home closings and new home orders for the quarter.Sales of new homes fell dramatically industrywide in the second half of last year after tax credits aimed at spurring home sales expired. That left builders this summer with some relatively easy to beat year-ago sales benchmarks, despite sales this year being on pace to be worse than in 2010.President Scott Stowell, who was tapped last month to succeed CEO Ken Campbell when he resigns Jan. 1, said the company is in a better position to turn a profit in what he expects will be an ongoing, difficult housing market next year.New home sales have declined nationally this summer amid growing uncertainty over the U.S. economy, stubbornly high unemployment and concerns that U.S. home prices have yet to hit bottom.Sales fell on a monthly basis between May and August, months that, along with March and April, encompass what is traditionally the peak period for home sales.The Commerce Department reported Wednesday that new home sales rose in September, but that increase was largely due to builders slashing prices in the face of lackluster demand.Standard Pacific reported a net loss of $6.4 million, or 2 cents a share, for the three months ended Sept. 30. That compares with net income of $4.5 million, or 2 cents a share, in the same quarter last year.Excluding the special items, the builder said it earned $3.2 million for the quarter. It did not provide a per-share figure.Analysts polled by FactSet had forecast, on average, earnings of 2 cents a share.Revenue grew 17 percent to $241.8 million from $207.5 million a year earlier, buoyed by an increase in the number of homes closed during the quarter. Analysts expected revenue of $231.1 million.The builder closed on 697 homes in the July to September quarter, an increase of 16 percent from a year earlier. New home orders jumped 38 percent to 764, aided by a 21 percent increase in the average number of open communities.The average selling price of its homes was $346,000, up slightly from $345,000 in the prior-year quarter.Standard Pacific ended the quarter with a backlog of 848 homes under contract valued at $304.8 million. That's up from the 605 homes valued at $214.2 million that the builder had at the end of the same quarter last year.The company attributed the higher dollar value of the backlog primarily to the sharp increase in new home orders.Standard Pacific shares slipped a penny to $3.68 in aftermarket trading. The stock ended the regular session up 24 cents, or 7 percent, at $3.69.
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