Standard Pacific Sees Profits Triple, Exceeding Forecasts

Home builder Standard Pacific Corp., benefiting from the strong housing market and acquisitions, said Monday that its first-quarter earnings almost tripled, beating analysts’ forecasts.

The company, based in Costa Mesa, said profit from continuing operations rose to $13.9 million, or 46 cents a share, from $4.8 million, or 16 cents, in the year-earlier period. The figures are before a $77,000 loss from discontinued operations in 1999 and a $65,000 loss in 1998.

Standard Pacific’s earnings beat the 41-cents-a-share estimates of analysts polled by First Call Corp. The stock, however, dipped 56 cents a share to $13.50 on the New York Stock Exchange.

“The first-quarter operating results reflect the strong housing market in California,” Arthur Svendsen, chairman and chief executive, said in a statement. Svendsen also attributed the strong results in part to the company’s recently acquired Arizona operations.

New home construction rose to records last year. The growing economy in California is bolstering demand for the company’s large, upscale homes. The average price of a Standard Pacific home rose 4.5% to $326,800.

Standard Pacific said home building revenue for the quarter rose to $214.5 million from $96.9 million. Net orders increased 33% to 935 homes. The company’s backlog of homes ordered but not yet completed rose 37% to 1,393 homes, worth $461.8 million.