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Profit improves for Las Vegas home builder

Tuesday, April 24, 2001 | 11:17 a.m.

Del Webb Corp. of Phoenix, a big builder of master-planned communities in Las Vegas and other cities, today reported a third quarter profit of $21 million or $1.10 per share, up from $16 million or 86 cents in the year-ago quarter.

Revenue fell from $1.4 billion to $1.33 billion. Del Webb said it squeezed out a higher profit on the lower revenue with higher margins, lower interest costs and lower taxes, including a tax benefit of 11 cents per share.

Del Webb projected fiscal 2001 earnings per share of $4.60 to $4.70, up from $4 last year.

In the Las Vegas market, Del Webb built Sun City communities in Summerlin and Henderson and now is developing the Anthem master-plan in Henderson.

Del Webb today said it's moving forward on four new developments of varying sizes around the nation, but didn't identify their locations.

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