The Ryland Group, Inc.recently announced its highest second-quarter consolidated net earnings, revenues, new orders, backlog and earnings per share in its history.
Cathey Lowe, senior vice president of finance based in Calabasas, Calif. reported diluted earnings of $3.03 per share for the quarter ended June 30, representing an increase of 49.3 percent over the same period of 2003.
Revenues of $918.5 million for the quarter reflected an increase of 9.4 percent. Gross profit margins from home sales of 24.7 percent for the quarter compared to 21.8 percent for the same 2003 period.
There was a record second-quarter new orders of 4,761, signifying a 2.2 percent increase, with 3.6 percent fewer communities than the same period last year. Record backlog units of 9,004 is up 17 percent for the second quarter, and backlog at $2.4 billion, up 35.8 percent from June 30 - the highest quarter end backlog in the company’s history. Earnings are expected to exceed $12 per share for the fiscal year to end Dec. 31.
The homebuilding segment reported second-quarter pretax earnings of $127.2 million, which represents a 46.4 percent rise over the $86.9 million reported for the second quarter of 2003, primarily attributable to higher average closing prices of homes sold and increased margins on homes closed. Homebuilding revenues nationally rose by $83.1 million, or 10.2 percent to $899.3 million for the second quarter, due to the rise of the average closing price of a home from $223,000 for the quarter ending June 30, 2003 to a $249,000 average for the quarter ending June 30 of this year.
Jeff Agar, president of the Jacksonville area division of Ryland Homes, said the homebuilder sold 174 new homes in four Jacksonville area neighborhoods during the first six months of 2004 at an average sale price of $250,000.