William Lyon Homes Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2018
For the nine months, the company reported operating revenue of $1,427,524,000 against $1,171,885,000 a year ago. Operating income was $86,366,000 against $77,713,000 a year ago. Income before provision for income tax was $91,218,000 against $58,495,000 a year ago. Net income available to common stockholders was $57,341,000 against $36,372,000 a year ago. Diluted earnings per share were $1.45 against $0.95 a year ago. Adjusted EBITDA was $170,302,000 against $137,821,000 a year ago. Net income, adjusted for loss on extinguishment of debt, net of tax benefit was $60,408,000 or $1.53 per diluted share compared to $50,448,000 or $1.31 per diluted share a year ago.
The company expects fourth quarter results to include backlog conversion of 85% to 92.5%, which company believe will contribute significant cash in-flows in the fourth quarter, enabling to make further progress on debt reduction for the year and keep on track toward long-term balance sheet goals, including targeting 40% debt-to-cap by 2020. the Company anticipates new home deliveries of approximately 1,360 to 1,475 units, average sales price of homes closed of approximately $505,000 and pre-tax income before non-controlling interest of approximately $62 million to $67 million.
For the full year, the Company anticipates new home deliveries of approximately 4,235 to 4,350 units, home sales revenues of approximately $2.115 billion to $2.165 billion and pre-tax income before non-controlling interest of approximately $157 million to $162 million.