M.D.C. Holdings, Inc. (MDC) posted second quarter net income of $10.64 million or $0.22 per share versus loss of $27.98 million or $0.60 per share a year ago.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share. Analysts' estimates typically exclude special items.
Total home sale and land revenues grew to $258.35 million from $208.73 million in the prior-year quarter. Analysts expected revenues of $273.20 million.
Home sale revenues increased 24% to $256.53 million from the prior year period. The increase in revenues resulted primarily from a 21% increase in homes closed to 861 homes as compared to 709 in the prior year.
Larry Mizel, MDC's Chairman and Chief Executive Officer, stated, "I am pleased to announce a second quarter profit of $0.22 per share, with net income improving by nearly $40 million over the prior year. We believe that our favorable results are largely attributable to our implementation of several key strategic initiatives, which we announced over the past few quarters, combined with modest improvements in homebuilding and overall market conditions.
….During the second quarter, net new orders increased 32% year-over-year to a five-year second quarter high, driven by a 24% improvement in our absorption pace per community and a 900 basis point reduction in our cancellation rate. With our quarter-end backlog up 42% over the prior year, we are well-positioned to achieve continued gains in operating leverage during the second half of 2012 and achieve our goal of reaching profitability for 2012."
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