Standard Pacific Posts Gains as Housing Market Improves

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.