Strong Performance for Standard Pacific
Home builder Standard Pacific Corp. should meet analysts’ projections that the company will record earnings of 24 cents a share for the fourth quarter, double the per-share earnings a year ago, the company’s controller said. Housing orders rose 36% in October and November, according to controller John Stephens.
The company benefited from higher housing prices in Northern California and a booming Texas market.
For the full year, the company expects to post earnings of 76 cents per share, up from 31 cents per share the previous year. The company’s net income for the third quarter surged to $7.2 million, or 24 cents a share, from $2 million, or 7 cents a share, a year earlier, while revenue rose 68% to $17.2 million.