Residential homebuilder Ryland Group Inc. beat Wall Street forecasts of revenue and earnings per share for the first quarter, the company said Wednesday.

The Westlake Village-based company reported net income of $22.1 million ($0.43 per share) for the quarter ending March 31 compared to a net loss of $5.1 million ($0.11) in the same period a year earlier. Revenue increased 73.6 percent to $374.7 million.

Analysts forecast revenue of $357.7 million on $0.28 per share for the first quarter, according to data from Thomson/First Call.

New orders in the first quarter increased 54.4 percent to 2,051 units compared to 1,328 units for the first quarter of 2012. The southeast region of the U.S. was responsible for the most new home orders with 704.

Shares in Ryland closed up $1.13, or 2.79 percent, to $41.70 on the New York Stock Exchange.