William Lyon Homes (WLS) has reported 8.17 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $13.07 million, or $0.34 a share in the quarter, compared with $12.08 million, or $0.31 a share for the same period last year. Revenue during the quarter surged 37.52 percent to $342.71 million from $249.21 million in the previous year period.
Cost of revenue surged 39.86 percent or $81.51 million during the quarter to $285.98 million. Gross margin for the quarter contracted 140 basis points over the previous year period to 16.55 percent.
Total expenses were $321.39 million for the quarter, up 37.09 percent or $86.95 million from year-ago period. Operating margin for the quarter expanded 30 basis points over the previous year period to 6.22 percent.
Operating income for the quarter was $21.32 million, compared with $14.76 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $42.90 million compared with $34.91 million in the prior year period. At the same time, adjusted EBITDA margin contracted 149 basis points in the quarter to 12.52 percent from 14.01 percent in the last year period.
Revenue from real estate activities during the quarter surged 40.24 percent or $98.32 million to $342.63 million. Revenue from sale of real estate was $342.63 million for the quarter, up 40.24 percent or $98.32 million.
"The third quarter of 2016 represented another quarter of year-over-year growth for William Lyon Homes across a number of important financial and operational metrics, with homebuilding revenues of $342.6 million, up 40%, average sales price of $509,100, up 18%, gross margin of $56.7 million, up 29%, and SG&A percentage improvement of 160 basis points,” said Matthew R. Zaist, president and chief executive officer.
Real estate inventory stood at $1,856.03 million as on Sep. 30, 2016. Net receivables were at $8.12 million as on Sep. 30, 2016, down 65.83 percent or $15.64 million from year-ago. Accounts payable plunged 33.29 percent or $38.39 million to $76.92 million on Sep. 30, 2016.
Real estate investments stood at $8.41 million as on Sep. 30, 2016.
Total assets grew 4.58 percent or $91.19 million to $2,083.93 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,344.62 million as on Sep. 30, 2016, down 0.72 percent or $9.81 million from year-ago.
Return on assets moved up 18 basis points to 0.79 percent in the quarter. At the same time, return on equity moved down 13 basis points to 1.77 percent in the quarter.
Debt moves up marginallyTotal debt was at $1,185.68 million as on Sep. 30, 2016, up 3.69 percent or $42.20 million from year-ago. Shareholders equity stood at $739.31 million as on Sep. 30, 2016, up 15.82 percent or $101 million from year-ago. As a result, debt to equity ratio went down 19 basis points to 1.60 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
