Ryland Group Inc. shares fell more than 11 percent on Thursday, a day after the home builder reported a 20 percent larger loss in its third quarter due to write-offs and charges related to the declining value of its slow-selling home inventory.
The nation's ninth largest home builder said after Wednesday's market close that it lost $65.7 million ($1.54 per share) in the quarter ended Sept. 30, compared with $54.7 million loss ($1.30) in the same period a year ago. Revenue fell 26 percent to $544 million
Analysts surveyed by Thomson Reuters expected on average a loss of 88 cents per share on revenue of $512 million.
The Calabasas Hills company said the quarter included $64.7 million in write-offs and inventory adjustments, as well as an income tax charge of $16.5 million. Homebuilding revenue fell 27 percent to $526 million. New orders in the quarter fell 34 percent to $325 million.
The company did not provide an outlook for the current quarter or full fiscal year.
Ryland shares closed down $2.05, or 11.5 percent, to $15.85 Thursday on the New York Stock Exchange.
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