Ryland Group Inc. on Wednesday announced net income that beat analysts’ expectations as the home-building market continues surging.
For the second quarter ending June 30, the Westlake Village home builder reported net income of $43.8 million (80 cents a share) compared to $6 million (14 cents) in the same period last year. Revenue rose 68 percent to $493 million.
Ryland’s earnings beat the analysts’ per-share estimate of 64 cents and hit revenue predictions exactly, according to Thomson Financial.
The company operates in 14 states, and earlier this week it acquired the assets of Cornell Homes, a Philadelphia Home Builder. That acquisition was the fourth the company has made in the last year. It acquired Texas developer LionsGate Homes in May, Trend Homes in Phoenix in December and Timberstone Homes’ operations in Charlotte and Raleigh, N.C. last July.
Shares of Ryland closed down $1.45, or 3.5 percent, on Wednesday to $39.74 on the New York Stock Exchange.