Standard Pacific L.P. Reports 55% 3rd-Quarter Plunge From ’89
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COSTA MESA — Standard Pacific L.P. said Wednesday that its third-quarter earnings plunged 55% to $9.2 million from $20.6 million a year earlier as the California housing market continued to weaken.
Revenue for the three months ended Sept. 30 was $90.1 million, down 12% from $102.1 in the third quarter of 1989.
For the first nine months, the home builder posted earnings of $44.8 million, down 36% from the year-earlier $70.3 million. Revenue for the nine months of $300 million was off 5% from $315 million in the same period of 1989.
Standard Pacific’s earnings and revenue figures were expected by industry analysts. The company has been cutting selling prices and increasing marketing costs in an effort to move homes in California’s sluggish market.
Company officials could not be reached for comment Wednesday.
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