MDC Holdings says quarterly earnings surge
M.D.C. Holdings, a Denver-based homebuilder operating in several Western U.S. markets including Las Vegas, said third-quarter earnings surged from a year ago. But results missed Wall Street forecasts.
In a statement, MDC said net income was $26.4 million, or 54 cents per share, for the three months ended Sept. 30, up from net income of $14.8 million or 30 cents per share, a year earlier.
Revenue rose 26.7 percent to $575.7 million from $454.7 million.
Analysts surveyed by Zacks Investment Research had forecast earnings of 63 cents per share on revenue of $628.3 million.
M.D.C. Holdings shares have fallen 7 percent since the beginning of the year. Thestreet.com rates the stock a B- and “buy.”
Contact Matthew Crowley at mcrowley@reviewjournal.com. Follow @copyjockey on Twitter.
