Homebuilder misses profit expectation, reports decline in orders

Thursday, Jan. 20, 2000 | 11:36 a.m.

Phoenix homebuilder Del Webb Corp. today reported net income of $13.7 million, or 73 cents per share, for its second quarter ended Dec. 31. That's up slightly from $13.5 million, or 72 cents per share, in the year-ago quarter.

The earnings fell below the mean estimate of 82 cents per share of analysts surveyed by Zacks Investment Research Inc.

Revenue for the quarter increased to $495.6 million, compared to $354.2 million a year ago. The company reported home closings for the second quarter increased 29 percent to 2,122 units, from 1,649 units a year earlier.

However, net new home orders for the quarter declined 9.3 percent to 1,429 units, compared to 1,575 units one year earlier.

The stock of Del Webb, a big developer in Las Vegas, fell $1.38 to $21.62 this morning.

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