MDC Holdings says quarterly earnings surge

By MATTHEW CROWLEY LAS VEGAS REVIEW-JOURNAL

8 years ago

John Lennon’s imprisoned killer, says he still gets letters about the pain he has caused. Chapman was denied release during his eighth appearance before a parole board in August 2014, according to the transcript released by New York state corrections officials, on Wednesday, Aug. 27, 2014. (AP Photo/New York State Department of Corrections)

M.D.C. Holdings, a Denver-based homebuilder operating in several Western U.S. markets including Las Vegas, said third-quarter earnings surged from a year ago. But results missed Wall Street forecasts.

In a statement, MDC said net income was $26.4 million, or 54 cents per share, for the three months ended Sept. 30, up from net income of $14.8 million or 30 cents per share, a year earlier.

Revenue rose 26.7 percent to $575.7 million from $454.7 million.

Analysts surveyed by Zacks Investment Research had forecast earnings of 63 cents per share on revenue of $628.3 million.

M.D.C. Holdings shares have fallen 7 percent since the beginning of the year. Thestreet.com rates the stock a B- and “buy.”

Contact Matthew Crowley at mcrowley@reviewjournal.com. Follow @copyjockey on Twitter.