Calabasas, CA, January 19—-Homebuilder Ryland Group posted 26 percent growth in fourth-quarter profit and increased its 2005 outlook.
Quarterly profit rose to $108.7 million, or $2.17 per share, up from $86.1 million, or $1.65 per share, a year ago. Revenue rose 16 percent to $1.24 billion from $1.07 billion -- driven by new orders, which increased 27 percent to 3,217, and closings which grew by 6 percent to 4,654.
Analysts surveyed by Thomson First Call predict earnings of $2.08 per share on revenue of $1.26 billion.
For fiscal 2004, the company reported income of $320.5 million, or $6.36 per share, up from $241.7 million, or $4.56 per share, a year ago. Revenue rose to $3.95 billion from $3.44 billion. Analysts expected $6.27 per share.
The company increased its 2005 guidance, saying it expects earnings to exceed $7.25 per share, above analyst expectations of $7.10 per share.
Ryland shares rose $1.46, or 2.4 percent, to close at $61.36 on the New York Stock Exchange. The stock reached a new 52-week high of $61.99 earlier in the day, topping a previous peak of $60.45 from Friday. The company's shares fell 36 cents to $61 in after-hours trading.
