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O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

Standard Pacific Surpasses Estimates for Third Quarter

October 24, 2000|BridgeNews

Costa Mesa home builder Standard Pacific Corp. reported third-quarter earnings Monday that beat Wall Street estimates, and predicted similar results for the fourth quarter and year.

The company attributed its strong performance to rising home prices, relatively stable costs and its presence in major markets.

Standard Pacific's stock, which has gained nearly 57% this year, closed Monday at $17.25, up $1.25 a share, or 7.8%, on the New York Stock Exchange.

The company said it earned $25.1 million, or 85 cents a share, up 55% from $16.2 million, or 54 cents a share, for the third quarter last year. Analysts surveyed by First Call Corp. had forecast earnings of 77 cents a share for the recent quarter. Revenue rose 1.6% to $302 million.

The company said it expects to earn $1.20 a share in the fourth quarter and to post earnings of $3.20 a share for the year. Analysts had projected earnings of $1.06 for the quarter and $3.01 for the full year.

Standard Pacific said new-home orders were up 30% in the third quarter, and that it had a backlog of more than 2,000 presold homes on Sept. 30. The company also said it plans to open about 75 new communities over the next 15 months.

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