William Lyon Homes Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Revises Earnings Guidance for the Full Year of 2017; Provides Earnings Guidance for the Third Quarter of 2017
For the six months, the company reported total sales of $681,546,000 as compared to $590,078,000 for the same period last year. Operating income was $34,543,000 as compared to $34,463,000 for the same period last year. Income before provision for income taxes was $14,530,000 as compared to $37,591,000 for the same period last year. Net income was $10,955,000 as compared to $25,027,000 for the same period last year. Net income available to common stockholders was $8,954,000 as compared to $23,575,000 for the same period last year. Diluted income per share was $0.23 as compared to $0.62 for the same period last year. Adjusted EBITDA was $75,811,000 as compared to $81,990,000 for the same period last year. Adjusted EBITDA Margin was 11.1% as compared to 13.9% for the same period last year.
The company revised earnings guidance for the full year of 2017. The strong performance in the first half of 2017 positions the company well to achieve its goals for the year and its revised expectations for the full year include new home deliveries of approximately 3,150 to 3,350, homebuilding revenue of approximately $1.725 billion to $1.8 billion, and pre-tax income before non-controlling interest of approximately $140 million to $150 million.
The company expects GAAP gross margins for the third quarter of 2017 to be approximately 18% to 18.2%, representing a meaningful increase sequentially. It also would represent the first quarter of year-over-year GAAP gross margin improvement in 3 years. The company also expects minority interest of approximately $4 million for the third quarter.