UPDATE 1-Ryland lowers 2006 earnings outlook on weak sales Home builder Ryland Group Inc. (RYL.N: Quote, Profile, Research) on Wednesday cut its 2006 earnings forecast as its second-quarter home sales are running 35 percent lower than a year earlier. The shares fell $1.05, or 2 percent, to $51.49 in extended trade.
Reuters UPDATE 1-Ryland lowers 2006 earnings outlook on weak sales Wed May 24, 2006
SAN FRANCISCO, May 24 (Reuters) - Home builder Ryland Group Inc. (RYL.N: Quote, Profile, Research) on Wednesday cut its 2006 earnings forecast as its second-quarter home sales are running 35 percent lower than a year earlier. The shares fell $1.05, or 2 percent, to $51.49 in extended trade. The Calabasas, California-based company said it expects 2006 earnings of $8.50 and $9.00 per share based on the sale of 16,500 to 17,000 homes with gross profit margins of 23.2 percent. Ryland on April 20 lowered its forecast for 2006 earnings to $9.50 per share on projected sales of 17,500 homes with an average sale price of $300,000. The company on Wednesday also forecast second-quarter earnings of $1.95 to $2.00 per share. Ryland added that so far this year, it has bought back 2.2 million shares of its common stock for about $145 million. http://today.reuters.com/investing/FinanceArticle.aspx?type=bondsNews&storyID=2006-05-24T233027Z_01_N24361625_RTRIDST_0_PROPERTY-RYLAND-OUTLOOK-UPDATE-1.XML |