Standard Pacific Homes Third Quarter 2012 Numbers | ||
Quarter Three | Nine Months | |
Profit/(Loss) | $21.7M +437.4% | $44.5M +240.1% |
Home Deliveries | 875 +23.2% | 2,346 +32.3% |
New Orders | 1,007 +30.6% | 3,073 +39.5% |
Behind the Numbers:
Standard Pacific Homes sold more houses at higher prices and for greater profit in its third quarter compared with both the quarter before and last year’s third quarter. CEO Scott Stowell credited the lift to the general market improvement as well as the company’s positioning during the downturn. Standard Pacific shifted its sales to communities that delivered higher margins. It also was able to raise prices and get more sales absorptions, which was critical since its community count actually fell by 2%. Like many other large public builders, Standard Pacific has been busy recapitalizing itself with cash and with land. It spent $206.7 million on land (2,497 lots) in the quarter, with 76% in California, 11% in Texas, and the rest distributed among its other markets.
Standard Pacific Homes’ fiscal year ends December 31.
