William Lyon Earnings More Than Double
Profit at William Lyon Homes more than doubled in the second quarter, jumping to $31.1 million, or $3.14 a share, from $13.8 million, or $1.38, a year earlier. Home-sale revenue also climbed, to $367.1 million from $139.7 million.
The Newport Beach home builder also reported a record increase in new-home orders of 1,127 for the period ended June 30.
Because of the strong results, the company raised its outlook for 2004 to between $15.50 and $15.75 a share, and is targeting 3,400 home deliveries for the year.
William Lyon shares rose $4.86, or 6%, to $82.86 on the NYSE.
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