William Lyon Homes Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Second Quarter and Full Year 2018
William Lyon Homes announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported operating revenue of $373,368,000 compared to $258,854,000 a year ago. Operating income was $14,435,000 compared to $6,308,000 a year ago. Income before provision for income taxes was $15,402,000 compared to loss before provision for income taxes of $14,926,000 a year ago. Net income was $12,588,000 compared to net loss of $9,296,000 a year ago. Net income available to common stockholders was $8,328,000 or $0.21 per basic and diluted share compared to net loss of $10,000,000 or $0.27 per diluted share a year ago. Net cash generated from operating activities was $98,028,000 compared to net cash used in operating activities $41,381,000 a year ago. Adjusted EBITDA was $41,712,000 compared to $20,041,000 a year ago. Adjusted net income available to common stockholders of $10.9 million, or $0.27 per diluted share, compared to $4.1 million, or $0.11 per diluted share in the prior period, up 167% and 145%, respectively. Adjusted pre-tax income of $18.5 million, up 169%, which excludes transaction expenses of $3.1 million, before tax.
For the second quarter, The company anticipates GAAP gross margins of 17.4% to 17.6%. Income attributable to non-controlling interest to be approximately $4 million.
For the year, the company expects tax rate of approximately 24%. Home sales revenue of approximately $2.2 billion to $2.3 billion and pretax income before non-controlling interest of approximately $175 million to $185 million inclusive of RSI transaction expenses and purchase accounting.