Standard Pacific Hammers Profits Home

Standard Pacific Corp. stampeded past analysts’ first-quarter earnings projections by 11 cents a share as the company benefited from wider profit margins, higher-than-expected home closings and the booming California market, market watchers said.

The Irvine home builder posted net income of $13.9 million, or 48 cents a share, compared with last year’s first-quarter earnings of $13.8 million, or 46 cents a share. Revenue climbed to $232.6 million for the quarter from $215.1 million.

The latest results surpass the 37-cents-a-share projection by First Call/Thomson Financial.

“This is the 11th or 12th quarter in a row” that the company has beaten Wall Street’s expectations, said Sutro & Co. analyst Craig Silvers. Standard Pacific has been steadily increasing home prices, especially in California, where demand has been strong, he said. Other markets where the company sells homes, such as Phoenix and Texas, also have been healthy, he said.

This year, Standard Pacific plans to start 55 to 60 housing projects, up from 43 last year. Most of them--30 to 35--will be in California. Ten will be in Texas and 15 in Arizona.