Standard Pacific Profit Edges Down, Yet Tops Estimates

(RTTNews) - Home builder Standard Pacific Corp (SPF) on Thursday reported fourth-quarter net earnings to common stockholders of $49 million or $0.16 per share compared with $49.2 million last year.

Revenues for the quarter were $753.6 million compared with $606.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $686.7 million for the quarter. Analysts' estimates typically exclude special items.

Results were hurt by gross margin that fell to 24.2% from 26.8% last year, and selling and other expenses were higher by about $11 million, the company said.