CalAtlantic Group, Inc. (CAA) has reported an 115.35 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $166.96 million, or $1.25 a share in the quarter, compared with $77.53 million, or $0.56 a share for the same period last year.
Revenue during the quarter grew 16.72 percent to $1,982.21 million from $1,698.20 million in the previous year period.
Cost of revenue rose 13.55 percent or $182 million during the quarter to $1,525.64 million. Gross margin for the quarter expanded 215 basis points over the previous year period to 23.03 percent.
Total expenses were $1,731.34 million for the quarter, up 13.24 percent or $202.41 million from year-ago period. Operating margin for the quarter expanded 269 basis points over the previous year period to 12.66 percent.
Operating income for the quarter was $250.87 million, compared with $169.26 million in the previous year period.
Larry Nicholson, president and chief executive officer of CalAtlantic Group, Inc. commented, "I am pleased with our strong finish to this transformational year for CalAtlantic. In 2016 we delivered double digit top line growth and grew our adjusted pre tax income by over $145 million. At the same time, we invested approximately $1.6 billion in land acquisition and development, we reduced our net debt to cap by 290 basis points and returned over $250 million to shareholders in the form of dividends and share buybacks. We enter 2017 well positioned for continued long term, profitable growth."
Real estate inventory moves up
Real estate inventory rose 5.72 percent or $351.85 million to $6,505.06 million on Dec. 31, 2016.
Total assets grew 4.36 percent or $279.64 million to $8,709.04 million on Dec. 31, 2016. On the other hand, total liabilities were almost stable over the past one year at $4,501.46 million on Dec. 31, 2016.
Return on assets moved up 99 basis points to 1.92 percent in the quarter. At the same time, return on equity moved up 195 basis points to 3.95 percent in the quarter.
Debt comes down marginally
Total debt was at $3,667.21 million as on Dec. 31, 2016, down 3.27 percent or $123.91 million from year-ago. Shareholders equity stood at $4,207.59 million as on Dec. 31, 2016, up 8.96 percent or $346.15 million from year-ago. As a result, debt to equity ratio went down 11 basis points to 0.87 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
