CalAtlantic Group, Inc. (CAA) has reported an 180.54 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $132.35 million, or $0.97 a share in the quarter, compared with $47.18 million, or $0.59 a share for the same period last year.
Revenue during the quarter surged 156.73 percent to $1,692.39 million from $659.20 million in the previous year period.
Cost of revenue surged 163.37 percent or $811.29 million during the quarter to $1,307.89 million. Gross margin for the quarter contracted 195 basis points over the previous year period to 22.72 percent.
Operating income for the quarter was $213.68 million, compared with $89.34 million in the previous year period.
Revenue from real estate activities during the quarter surged 156.21 percent or $1,018.77 million to $1,670.96 million.
Larry Nicholson, president and chief executive officer of CalAtlantic Group, Inc. commented, "We continue to execute our business at a high level. With orders growth of 9%, revenue from home sales growth of 26%, and earnings per share growth of 64%, I am pleased with the result of our total team effort."
Real estate inventory remains almost stable
Real estate inventory stood at $6,608.53 million as on Sep. 30, 2016. Accounts payable surged 147.48 percent or $122.05 million to $204.80 million on Sep. 30, 2016. Investments stood at $195.71 million as on Sep. 30, 2016, up 80.96 percent or $87.56 million from year-ago.
Total assets jumped 89.26 percent or $4,071.25 million to $8,632.46 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,498.03 million as on Sep. 30, 2016, up 63.33 percent or $1,744.14 million from year-ago.
Return on assets moved up 50 basis points to 1.53 percent in the quarter. At the same time, return on equity moved up 122 basis points to 3.19 percent in the quarter.
Debt increases substantially
Total debt was at $3,742.63 million as on Sep. 30, 2016, up 52.29 percent or $1,285 million from year-ago. Shareholders equity stood at $4,134.44 million as on Sep. 30, 2016, up 128.76 percent or $2,327.11 million from year-ago. As a result, debt to equity ratio went down 45 basis points to 0.91 percent in the quarter.
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