The Ryland Group Inc. reported that its profits increased in the fourth quarter with a large increase in both new home orders and closings, giving the company a profitable full year for 2012.
For the quarter, the Westlake Village home builder reported net income of $28.9 million (56 cents a share) compared to $1.3 million (3 cents) in the same period a year earlier. Revenue rose 68.3 percent to $440.1 million, with home building revenues increasing 67.7 percent to $427.5 million.
Ryland’s earnings beat the analyst consensus estimate by 5 cents a share.
The company currently operates in 13 states, and in December it acquired the Phoenix operations and assets of Trend Homes, adding 1,020 additional lots and homes to its portfolio.
For the full year, Ryland reported net income of nearly $42.4 million (88 cents a share), compared with a loss of nearly $30 million (-67 cents) in 2011. Homebuilding revenues increased 47.3 percent to $1.3 billion for the year ended Dec. 31.
Shares of Ryland closed up $1.40, or 3.7 percent, on Tuesday to $41.31 on the New York Stock Exchange.