M.D.C. Holdings Q2 Profit Plunges, Yet Beats View - Quick Facts

(RTTNews) - M.D.C. Holdings, Inc. (MDC), a homebuilding and financial services company, reported Tuesday that its second-quarter net income was $21.54 million or $0.44 per share, compared to $224.91 million or $4.55 per share last year.

On average, 12 analysts polled by Thomson Reuters expected earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

The prior year results included a $187.6 million benefit from the reversal of deferred tax asset valuation allowance, while the firm had no such benefit for the 2014 second quarter.

Pretax income was $34.0 million, compared to $38.0 million for the same period in the prior year.

Total home and land sale revenues increased to $431.26 million from $402.13 million last year. Analysts expected revenues of $411.38 million. Home sale revenues increased 8 percent to $430.7 million, primarily from a 10 percent increase in average selling price to $372,000.

Net new orders went up 5 percent to 1,419 homes, and dollar value of net new orders of $544.8 million went up 12 percent.