Ryland Group Profit Surges 47% on Hot Demand
Home builder Ryland Group Inc. reported a 47% surge in first-quarter profit Wednesday as the nation’s demand for new housing remained hot.
Calabasas-based Ryland said net income was $38.2 million, or $1.43 a share, compared with $25.9 million, or 92 cents a share, during the same year-earlier period. That beat Wall Street’s estimates of $1.25 a share, according to research firm Thompson First Call.
Revenue was up 25% to $659.7 million from $525.9 million a year ago. Among the hottest markets for the company are Chicago and Baltimore, and Orlando and Tampa in Florida, President Chad Dreier said.
Shares of Ryland closed up $1.79 at $52.96 on Wednesday on the New York Stock Exchange.
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