Ryland’s $29-million loss in first quarter beats forecasts
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Calabasas home builder Ryland Group Inc. reported a first-quarter loss of $29.3 million Wednesday as revenue plunged to $416.2 million, from $711.1 million a year ago.
But the loss of 69 cents a share, from a loss of 58 cents a share a year ago, was significantly less than the average anticipated loss of $1.30 a share in a Bloomberg survey.
Ryland announced its results after the close of regular trading, during which its shares fell $1.33, to $32.34. The stock, which was little changed in the after-hours market, has risen 17.4% this year.
The company builds homes in 17 states. In California, several of its developments are in the areas hardest hit by the housing crash, including the Inland Empire and the Central Valley.
The decline in revenue came as Ryland suffered a 33% drop in completed home sales compared to the same period last year. New home orders were down 28% from a year ago.
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