Covington Development Group Inc., a Fullerton-based home builder, said it earned $2.7 million last year, contrasted with a 1987 loss of $2.3 million. Revenue rose 26% to $87.5 million from $69.5 million in 1987. The company said it performed better last year because it had returned to the market for more expensive homes. Because it was selling more expensive homes, revenue rose last year even though Covington sold fewer homes, 762 units compared to 1,019 in 1987. The company had previously concentrated on building homes for first-time buyers. Now its houses are priced up to $300,000.