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M.D.C. Holdings Inc. (NYSE:MDC) climbed to a profit in the second quarter and beat Wall Street’s expectations in the process. M.D.C. Holdings operates in the field of homebuilding and financial services. Its homebuilding operations consist of construction and sale of single-family detached homes and financial services includes mortgage loans and title agency services.
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M.D.C. Holdings Inc. Earnings Cheat Sheet
Results: Reported a profit of $10.6 million (22 cents per diluted share) in the quarter. M.D.C. Holdings Inc. had a net loss of $28 million or a loss 60 cents per share in the year-earlier quarter.
Revenue: Rose 24.8% to $268.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: M.D.C. Holdings Inc. beat the mean analyst estimate of 9 cents per share. It beat the average revenue estimate of $177.4 million.
Quoting Management: Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “I am pleased to announce a second quarter profit of $0.22 per share, with net income improving by nearly $40 million over the prior year. We believe that our favorable results are largely attributable to our implementation of several key strategic initiatives, which we announced over the past few quarters, combined with modest improvements in homebuilding and overall market conditions.”
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 22 cents in the first quarter, by 39 cents in the fourth quarter of the last fiscal year, and by 18 cents in the third quarter of the last fiscal year.
At a profit of 53 cents per share, the average estimate for the fiscal year has risen from an expected loss of 7 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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