STRONG BUY Target 50 $ over next 2-4 weeks
Standard Pacific Corp. Reports a 153% Increase in Third Quarter EPS to a Record $1.72 and Raises Guidance for Full Year to $5.65 to $5.75 Per Share
Monday October 27, 8:01 am ET
IRVINE, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF - News) today reported the Company's 2003 third quarter results:
Financial and Operating Highlights - 2003 Third Quarter vs. 2002 Third Quarter
- EPS rose 153% to a record $1.72
- Net income of $57.9 million, up 156% over 2002
- Record third quarter homebuilding revenues of $624 million, up 35%
year-over-year
- Record third quarter deliveries of 2,244 new homes, up 43% from last
year
- Gross margin percentage improves 530 bp's year-over-year to 21.7%
- Adjusted Homebuilding EBITDA of $105 million, an increase of 104% over
2002*
- LTM return on average equity improves 640 bp's year-over-year to 21.6%
- New orders rise 24% to a third quarter record 2,148 homes
- Record third quarter backlog of 4,684 presold homes valued at
$1.6 billion, up 25%
- Raising 2003 full year guidance to $5.65 to $5.75 per share, an
increase of up to 57% from last year
- Initial guidance established for 2004 of $6.40 to $6.50 per share
* For a definition of Adjusted Homebuilding EBITDA and a reconciliation
of net income to Adjusted Homebuilding EBITDA and cash flows from
operating activities to Adjusted Homebuilding EBITDA, please see the
Selected Financial Data included herewith.
Net income for the three months ended September 30, 2003 increased 156% to $57.9 million, or $1.72 per diluted share, compared to $22.6 million, or $0.68 per diluted share last year.
Happy Invisting ............
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