Ryland loses $60 million in quarter
Calabasas-based home builder Ryland Group Inc. reported a fourth-quarter loss of $59.9 million Wednesday as revenue dropped 39%.
Sales were $513.5 million during the period of Oct. 1 through Dec. 31, down from $828.8 million a year earlier.
The loss of $1.40 a share exceeded 11 analysts’ average projection of $1.19 a share, according to a Bloomberg survey.
Ryland released the results after the close of regular trading. The company’s shares rose 93 cents to $16.50. The stock dropped 36% last year and is down 6.6% this year.
Company officials declined to comment, saying they would do so in a conference call with analysts today.
Ryland builds homes in 17 states. Some of the firm’s California developments are in areas hit hard by the housing crash, including the Inland Empire and the Coachella Valley.
The firm has been hurt by a reduction in demand and prices for homes. Ryland closed escrow on 1,964 homes in the quarter, compared with 3,061 closings last year. The average closing price on a home was $246,000, down from $279,000.
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