Fourth-quarter income surges for homebuilder M.D.C. Holdings

M.D.C. Holdings, a Denver-based homebuilder operating in several Western U.S. markets including Las Vegas, on Wednesday said its fourth-quarter net income surged from a year ago, topping Wall Street forecasts.

In a statement, the company said net income was $40.4 million, or 78 cents per share, for the three months ended Dec. 31, up from $22.6 million, or 44 cents per share, a year earlier.

Revenue rose 29.1 percent to $715.8 million from $554.4 million.

Analysts surveyed by Zacks Investment Research had forecast earnings of 68 cents per share on revenue of $679.6 million for the latest quarter.

MDC shares rose 58 cents, or 2.1 percent, Wednesday to close at $27.62 on the New York Stock Exchange.

Contact Matthew Crowley at mcrowley@reviewjournal.com. Follow @copyjockey on Twitter.