Forestar Group Inc. (FOR), a residential lot development company, on Thursday announced that net income declined in the second quarter compared with the last year. The results were impacted by higher cost of sales.
For the second quarter, Pre-tax income decreased to $40.7 million from $58.9 million in the previous year.
Net income was $31.6 million, down 30% from $45 million last year.
Earnings per share were $0.62 versus $0.89 in the previous year.
Four Analysts, on average, had expected the company to report loss of $0.73 per share. Analysts' estimates typically exclude special items.
However, revenue increased 5 percent to $351 million from $333.8 million in the prior year.
Looking ahead, the company now expects to deliver 15,000 to 15,500 lots, generating $1.5 billion to $1.55 billion in revenue. This is a slight decrease from its earlier forecast of 16,000 to 16,500 lots and $1.6 billion to $1.65 billion in revenue.
In the pre-market trading, Forestar is 2.84% lesser at $18.50 on the New York Stock Exchange.
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