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William Lyon Homes Q2 profit climbs 11.4% YOY

William Lyon Homes said its normalized net income for the second quarter came to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS fell year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.8 million, a gain of 11.4% from $10.6 million in the year-earlier period.

The normalized profit margin dropped to 4.6% from 5.9% in the year-earlier period.

Total revenue rose 41.6% year over year to $254.7 million from $179.8 million, and total operating expenses rose 47.5% from the prior-year period to $234.8 million from $159.2 million.

Reported net income declined from the prior-year period to $12.2 million, or 32 cents per share, from $12.4 million, or 38 cents per share.