Del Webb beats estimates

Monday, Oct. 16, 2000 | 11:30 a.m.

Del Webb Corp., a big Las Vegas home builder under pressure from shareholders to improve its stock price, today said it expects to report first quarter earnings "substantially higher" than analyst estimates.

The Phoenix company expects to earn at least 83 cents a share vs. 74 cents in the year-ago quarter and 72 cents expected by analysts. Del Webb stock rose 37 cents this morning to $25.56 on the news.

Shareholder J.F. Shea Co. said last week it's still interested in buying Del Webb for $30 per share, and that it's backing another shareholder, Pacific Partners, in Pacific's proxy battle to put two directors on the Del Webb board. A third big shareholder, Avatar Holdings, is also interested in buying Del Webb.

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