Home builder Standard Pacific Corp. said Monday that second-quarter earnings rose more than 30% as a result of strong operating margins, especially in California.
Net income for the quarter totaled $26.3 million, or 85 cents a share, up from $20 million, or 69 cents a share, a year earlier. Wall Street had expected the company to post earnings of79 cents a share, according to a survey of analysts by First Call/Thomson Financial.
Home-building revenue climbed 14% to $323.9 million.
The Irvine-based company said that assuming the market is stable, it is increasing its earnings expectations for the year to $3.75 to $3.85 a share, compared with $3.39 in 2000. It said it expects third-quarter earnings to be between 80 cents and 85 cents a share.
Analysts estimated earnings of 97 cents a share for its third quarter and $3.87 a share for the year. The stock, which has more than doubled over the last year, dropped $2.64 to close at $23 on the New York Stock Exchange. Reuters
Other Southern California companies reporting earnings:
* Pasadena-based IndyMac Bancorp reported second-quarter earnings of $30.3 million, or 48 cents a share, compared with $23.1 million, or 32 cents, a year ago. Revenue rose 54% to $119.8 million.
* MSC.Software Corp., a Costa Mesa provider of information technology software and services, said net income for its second quarter totaled $2.9 million, or 18 cents a share, a gain of 45%, from $2 million, or 14 cents a share, a year ago. Revenue increased 12% to $48.7 million.
* Reliance Steel & Aluminum Co., a Los Angeles-based operator of metals service centers, reported a 25% drop in second-quarter net income of $11.4 million, or 45 cents a share, compared with $16.7 million, or 60 cents, a year ago. The company cited the slowdown among semiconductor, electronics and related industries, and said the year-earlier second quarter was the company's best-ever quarter. Revenue fell 7% to $412 million.
* Van Nuys-based aluminum wheels maker Superior Industries International Inc. said second-quarter net income plunged 38% to $13.4 million, or 51 cents a share, compared with $22 million, or 83 cents, a year ago. Revenue fell 8% to $161.9 million.
* Ryland Group Inc., a Calabasas-based home builder, reported second-quarter net income of $33.8 million, or $2.36 a share, compared with $16.9 million, or $1.24, a year ago. Revenue rose 31% to $674,626.