Home builder Standard Pacific Corp. credited strong sales in California and expanded operations in the Southeastern U.S. for a 39% increase in first-quarter profit and a large jump in new orders.
The Irvine-based company reported net income rose to $24.8 million, or 75 cents a share, from $17.8 million, or 59 cents, a year earlier. First-quarter revenue grew 40% to $399.7 million from $286 million. The company reported its results Monday.
Nationwide, Standard Pacific delivered 1,351 homes in the quarter, a 55% increase that related primarily to the addition of newly acquired home building companies in Florida and the Carolinas. In California, home deliveries were up 12% to 456 while the average selling price of their homes in the state also rose 12% to $503,000.
"Our earnings growth is being driven by the continued strength of the California housing market, particularly in Southern California," said Chairman Stephen J. Scarborough.