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Ryland Profit Rises 21%, Beats Estimates

July 23, 2003|From a Times Staff Writer

Calabasas home builder Ryland Group Inc. said second-quarter profit rose 21%, to a record $54 million, or $2.03 a share. Revenue in the period ended June 30 rose 24.4% to $840 million.

The results, released after the markets closed, topped analysts' expectations of a per-share profit of $1.80.

Ryland shares gained $1.96 to $69.91 in regular trading on the NYSE.

The company said its backlog of home orders stood at $1.75 billion and that it expected full-year earnings to top $8 a share, above the $7.92 that analysts were expecting.

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