MDC Holdings Inc.(MDC), which engages in homebuilding and financial services businesses, Thursday reported an increase in net income for the first quarter, reflecting higher revenues from the homebuilding segment.
For the three-month period, the company reported net income of $22.5 million or $0.45 per share, compared with $2.3 million or $0.04 per share during the corresponding quarter last year.
On average, ten analysts polled by Thomson Reuters expected earnings per share of $0.25 for the first quarter. Analysts' estimates typically exclude one-time items.
The firm generated home sale revenues of $331.7 million, a 80 percent increase compared to $184.7 million during the comparable period last year. The increase in revenues resulted primarily from a 64 percent increase in homes delivered to 1,018 homes as compared to 619 in the prior year. Financial services revenues were $12.5 million compared to $7.7 million last year. Analysts estimated a total revenue of $310.62 million for the quarter.
Larry Mizel, Chairman and Chief Executive Officer of the firm said, "..Many of the new subdivisions we have acquired over the past few quarters have recently opened, giving us the opportunity to increase our active subdivision count in the second quarter on a sequential basis for the first time in six quarters."
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