Standard Pacific Posts Gains as Housing Market Improves
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COSTA MESA — Home builder Standard Pacific Corp., reaping the benefits of an improved housing market, posted sharp gains in net income and revenue for the third quarter.
Net income rose to $7.2 million, or 24 cents a share, from $2 million, or 7 cents a share, for the third quarter last year. Revenue advanced 68% to $177.2 million from $105.4 million.
The company said a record number of new home deliveries, as well as an increase in average home price, contributed to the gains.
Net income for the nine-month period totaled $15.4 million, or 52 cents a share, compared with $4.8 million, or 16 cents a share, for the like period last year. Revenue increased 60% to $429 million from $268.7 million.
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