Home Builder Ryland Group Posts Higher Profit, Beating Estimates

Ryland Group Inc., a Calabasas-based home builder, citing higher home closing volume, sales prices and profit margins, posted sharply higher third-quarter operating earnings of $41.7 million, or $2.91 a share. The results, which excluded an extraordinary loss on debt extinguishment, easily beat analysts’ consensus forecast of $2.19 a share, according to Thomson Financial/First Call.

Net income was $37.2 million, or $2.59 a share. The company earned $22.8 million, or $1.67 a share, a year earlier.

Revenue rose 13% to $711.6 million from $628.3 million.

Ryland stock fell 41 cents to close at $47.99 in New York Stock Exchange trading.

At a Glance:

Other Southern California company earnings, excluding one-time gains and charges unless noted:

* Ducommun Inc., a Long Beach-based manufacturer of parts and assemblies for the aerospace industry, reported that third-quarter net income rose 15% to $3.8 million, or 39 cents a share, from $3.3 million, or 33 cents a share, a year earlier. Revenue rose 63% to $66.6 million from $40.9 million.

* Health Care Property Investors Inc., a Newport Beach health-care real estate investment trust, reported third-quarter operating income of $28.8 million, or 53 cents a share, up 19% from $24.2 million, or 48 cents a share, a year earlier. In the most recent quarter, the company wrote down $11.5 million, or 21 cents a share, for 11 facilities to be sold. Revenue edged up to $84.1 million from $83.7 million.

* Pacific Mercantile Bancorp, Costa Mesa parent company of Pacific Mercantile Bank, reported third-quarter net income more than doubled to $535,000, or 8 cents a share, from $217,000, or 3 cents a share, a year earlier