Ryland Raises Outlook as Profit Soars 37%

Ryland Group Inc., a Calabasas-based home builder, said its quarterly profit soared 37% to $52.4 million, or $2.06 a share. Sales rose 14% to $754.6 million.

Ryland ended the quarter with a backlog of 7,773 homes contracted for and waiting to be built -- up 16%. The backlog’s value jumped 35% to $2 billion, the highest in Ryland’s history.

The company raised its outlook for the year to earnings in excess of $11 a share -- up from its previous prediction of more than $10 a share.

Ryland shares rose $2.26 to $75.70 on the NYSE. Earnings were announced after the close of markets.

-- From Reuters

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