Standard Pacific’s Profit Nearly Doubles
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Irvine home builder Standard Pacific Corp. on Tuesday reported better-than-expected fourth-quarter earnings, capping off a record year for the company as business boomed.
Net income for the fourth quarter hit a record $41 million, or $1.34 a share, a gain of 92% from $21.3 million, or 72 cents a share, a year earlier. Revenue increased 32% to $500 million.
Analysts were anticipating fourth-quarter earnings of $1.22 a share, according to a survey by First Call/Thomson Financial.
Net income for the year rose 47% to $100.1 million, or $3.43 a share, from $68 million, or $2.29 a share, for 1999. Revenue gained 8% to a record $1.3 billion.
The stock, which hit a 52-week high of $28.50 last week, closed Tuesday at $27, up $1.56 a share, on the New York Stock Exchange. The results were released after the close of regular trading hours for U.S. markets.
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