Ryland posts another loss on weak housing market
Home builder Ryland Group Inc. continued to lose money in the third quarter as the weak housing market reduced demand for its homes and the value of its inventory.
The Calabasas company said Wednesday that it lost $54.7 million, or $1.30 a share, for the three months ended Sept. 30. That contrasts with net income of $87.9 million, or $1.97 a share, for the like period last year. Revenue fell 35% to $732 million.
Ryland announced results after the close of regular trading, during which its shares rose 77 cents to $26.26. The stock was little changed in the after-hours market.
Ryland shares traded near $60 in February, but the housing slump and the mortgage meltdown have hammered it and other builders.
Ryland also reported losses in the first and second quarters.
The company said that new home orders in the third quarter fell 20.9% from a year earlier and that the dollar value of the new orders declined 27%.
Also Wednesday, Pulte Homes Inc. of Bloomfield Hills, Mich., reported a third-quarter loss of $787.9 million, or $3.21 a share, contrasted with a profit of $192 million, or 74 cents, for the like period last year. Revenue sank 31% to $2.5 billion.
