William Lyon Homes said its normalized net income for the first quarter came to 16 cents per share, compared with the S&P Capital IQ consensus estimate of 18 cents per share.
EPS declined 28.1% year over year from 22 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.1 million, a decrease of 17.0% from $7.3 million in the year-earlier period.
The normalized profit margin dropped to 3.1% from 4.9% in the year-earlier period.
Total revenue rose 31.5% on an annual basis to $197.2 million from $150.0 million, and total operating expenses rose 39.2% from the prior-year period to $186.8 million from $134.2 million.
Reported net income decreased 23.1% on an annual basis to $6.8 million, or 18 cents per share, from $8.8 million, or 27 cents per share.
