Ryland’s quarterly profit leaps up
WASHINGTON (MarketWatch) — The Ryland Group Inc. reported Tuesday afternoon that its fourth-quarter net income leaped up from the prior year on greater new orders and closings, and a higher backlog. Ryland’s fourth-quarter net income rose to .6 million, or 55 cents per diluted share, from 2,000, or 2 cents a share, during the same period in the prior year. Per-share earnings from continuing operations rose to 56 cents in the fourth quarter from three cents during the same period in the prior year, the home builder and mortgage-finance company reported. A consensus view among Wall Street analysts had expected per-share earnings of 49 cents, according to a survey by FactSet. Ryland’s fourth-quarter revenue rose to 0.1 million from 1.4 million. Analysts had forecast sales of 7 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
