William Lyon Homes said its normalized net income for the second quarter was 45 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.
EPS climbed 26.0% year over year from 35 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $17.1 million, an increase of 25.8% from $13.6 million in the year-earlier period.
The normalized profit margin declined to 4.0% from 4.2% in the year-earlier period.
Total revenue grew 29.8% on an annual basis to $422.7 million from $325.7 million, and total operating expenses grew 29.6% on an annual basis to $394.5 million from $304.5 million.
Reported net income rose 28.8% from the prior-year period to $18.8 million, or 49 cents per share, from $14.6 million, or 38 cents per share.