Lyon Homes’ Profit Drops 29%

Newport Beach home builder William Lyon Homes said net income for the third quarter fell 29% to $7.6 million, or 72 cents a share, from $10.7 million, or $1.03 a share, a year ago. Revenue increased 2% to $91 million.

Net new home orders rose 52% to 679 units from 447 units a year ago. The number of homes closed declined 7% to 543 from 585, while the backlog of homes sold but not closed totaled 1,007 units, up 47% from 687 units a year ago. The backlog totaled $313.4 million, up 75% from $179.5 million.