Calabasas, CA, March 8—-Homebuilder Ryland Group indicated that its earnings per share growth for the first quarter could be below Wall Street expectations because of delayed closings caused by bad weather in certain markets.
The company said any delays should be made up in the latter quarters of the year, and left its forecast for all of 2005 unchanged.
The company said earnings per share for the first quarter should exceed the record $1.03 per share earned in the year-ago quarter by at least 15 percent. Analysts surveyed by Thomson First Call were expecting the company to earn, on average, $1.30 per share, representing an increase of 26 percent from the 2004 quarter.
Ryland said about 225 home closings originally scheduled for the first quarter will be delayed as a result of construction delays caused by bad weather in several markets, primarily Southern California, Maryland, Nevada and Arizona.
The company maintained its full year forecast for earnings to exceed $7.25 per share. Analysts are expecting the company to record net income of $7.59 per share.
