Irvine-based home builder Standard Pacific Corp. reported that net income for the fourth quarter declined 24% below record results a year ago.
Net income totaled $31.3 million, or $1.04 a share, down from $41 million, or $1.34 a share, for the same period last year. Revenue dropped 14% to $431 million.
Analysts surveyed by Thomson Financial/First Call expected earnings of 97 cents a share.
Standard Pacific said it expects 2002 earnings will be in the range of $3 a share, assuming the U.S. economy recovers during the year.
The stock climbed 38 cents a share to $24.10 on the NYSE.
Other Orange County companies reporting earnings were:
* Westcorp, the Irvine financial-services holding company whose principal subsidiaries are WFS Financial Inc. and Western Financial Bank, reported net income of $12.9 million, or 36 cents a share, for the fourth quarter, 32% lower than the $19 million, or 59 cents a share, for the period a year ago. Revenue rose 28% to $150 million. WFS Financial said net income for its fourth quarter totaled $14 million, or 40 cents a share, down 23% from the $18.2 million, or 64 cents a share, recorded for the previous-year period. Revenue rose 29% to $124.3 million.