William Lyon Homes said its normalized net income for the fourth quarter came to 60 cents per share, compared with the S&P Capital IQ consensus estimate of 62 cents per share.

EPS increased 21.5% year over year from 49 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.0 million, a gain of 34.4% from $17.1 million in the year-earlier period.

The normalized profit margin increased to 5.7% from 4.8% in the year-earlier period.

Total revenue rose 11.9% year over year to $403.0 million from $360.0 million, and total operating expenses rose 11.3% from the prior-year period to $367.0 million from $329.6 million.

Reported net income increased 45.7% from the prior-year period to $26.3 million, or 68 cents per share, from $18.0 million, or 52 cents per share.

For the year, the company's normalized net income totaled $1.33 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.44.

EPS rose from $1.28 in the prior year.

Normalized net income was $51.5 million, a gain of 20.6% from $42.7 million in the prior year.

Full-year total revenue grew 23.7% from the prior-year period to $1.11 billion from $894.8 million, and total operating expenses grew 26.1% year over year to $1.03 billion from $813.4 million.

The company said reported net income rose 28.8% year over year to $57.4 million, or $1.48 per share, in the full year, from $44.5 million, or $1.34 per share.