The Ryland Group Inc. (RYL) unveiled new single family homesites at Cobblestone in Greenwood, Ind. Priced from $270s onwards, these homesites are located in the Center Grove School District and will feature the Estate Collection, which includes 3-car garages, owner’s suites and gourmet kitchen.
Homeowners will be offered eight spacious floor plans to choose from. Homes have features like fireplaces with a granite hearth, stained oak railings and stylish lighting fixtures. The gourmet kitchen offers an island, equipped with G.E appliances, stainless steel sink and recessed lighting.
With the housing market gaining momentum, most homebuilding companies are investing in building more homes to meet the growing demand. Ryland Group is also aggressively investing in land and development in order to build more homes. The company spent $176 million on land acquisition and $62 million on site development in the second quarter of 2013, which reported on Jul 24.
Ryland Group posted adjusted net earnings of 80 cents per share in the second quarter of 2013 which surpassed the Zacks Consensus Estimate of 64 cents by 25% and the year-ago earnings of 14 cents by a huge margin. The earnings upsurge was driven by top-line growth and margin expansion.
Total revenue of $493 million lagged the Zacks Consensus Estimate of $498 million by 1.0%. Reported revenues climbed 67.8% year over year, driven by better pricing power and volume growth amid improved market conditions.
Ryland Group carries a Zacks Rank #2 (Buy).
Other stocks in the homebuilding sector that are performing well and deserve a mention include Hovnanian Enterprises Inc. (HOV), Meritage Homes Corporation (MTH) and Standard Pacific Corp. (SPF). All the three companies carry a Zacks Rank #2 (Buy).
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