Standard Pacific Corp. (SPF)

[MCArmel1]

Standard Pacific misses by $0.01, misses on revenue

Oct 30 2014, 16:06 ET | About: Standard Pacific Corp. (SPF) | By: Mohit Manghnani, SA News Editor

Standard Pacific (NYSE:SPF): Q3 EPS of $0.14 misses by $0.01.
Revenue of $603.8M (+18.1% Y/Y) misses by $19.69M.
Press Release

http://seekingalpha.com/news/2078485-standard-pacific-misses-by-0_01-misses-on-revenue?uprof=45#email_link


Standard Pacific Corp. Reports 2014 Third Quarter Results
Thu October 30, 2014 4:01 PM|PR Newswire | About: SPF

IRVINE, Calif., Oct. 30, 2014 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced results for the third quarter ended September 30, 2014.

2014 Third Quarter Highlights and Comparisons to the 2013 Third Quarter
•Net income of $56.6 million, or $0.14 per diluted share, vs. $58.9 million, or $0.15 per diluted share
•Pretax income of $92.1 million, up 31%
•Net new orders of 1,154, up 4%; Dollar value of net new orders up 11%
•Backlog of 2,208 homes, up 2%; Dollar value of backlog up 17%
•185 average active selling communities, up 10%
•Home sale revenues of $603.8 million, up 18%
•Average selling price of $483 thousand, up 15%
•1,250 new home deliveries, up 3%
•Gross margin from home sales of 26.3%, compared to 25.3%
•Operating margin from home sales of $88.7 million, or 14.7%, compared to $67.4 million, or 13.2%
•$251.2 million of land purchases and development costs, compared to $156.3 million

Scott Stowell, the Company's President and Chief Executive Officer commented, "The solid performance we achieved during the first half of 2014 continued into the third quarter, with pretax income, home sale revenues and backlog value up 31%, 18% and 17%, respectively, over the prior year period." Mr. Stowell added, "In addition, I am pleased with the growth in our operating margin from home sales, which was 14.7% for the 2014 third quarter, compared to 13.2% for the prior year period."

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http://seekingalpha.com/pr/11511485-standard-pacific-corp-reports-2014-third-quarter-results