Home builder to beat analysts’ projections

Wednesday, Dec. 20, 2000 | 11:32 a.m.

Del Webb Corp., a developer of retirement communities, said it expects fiscal second-quarter earnings to top analyst estimates because of recent declines in mortgage rates and lumber and drywall costs.

Del Webb has three of its Sun City retirement communities in the Las Vegas area and is building the Anthem master plan in Henderson.

Chief Executive LeRoy Hanneman said in a statement that earnings for the quarter ending Dec. 31 will be at least $1.10 a share. It was expected to earn 94 cents, the average estimate of four analysts polled by First Call-Thomson Financial. It earned 73 cents a share in the year-earlier quarter.

Del Webb spokeswoman Lynne Reaves said the company will release second-quarter results and hold its quarterly conference call around Jan. 24.

Hanneman said he expects the company to meet estimates for the fiscal year ending June 30. It's expected to earn $4.28 a share, the average estimate of five analysts polled by First Call/Thomson Financial. Hanneman added that the company will give further guidance in mid-March based on sales rates, backlog and other factors.

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