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M.D.C. Holdings, Inc. (MDC) has reported a 78.69 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $40.38 million, or $0.78 a share in the quarter, compared with $22.60 million, or $0.44 a share for the same period last year.
Revenue during the quarter grew 27.19 percent to $736.33 million from $578.91 million in the previous year period.
Cost of revenue rose 26.84 percent or $129.25 million during the quarter to $610.74 million. Gross margin for the quarter expanded 23 basis points over the previous year period to 17.06 percent.
Operating income for the quarter was $57.67 million, compared with $33.86 million in the previous year period.
Revenue from real estate activities during the quarter increased 26.84 percent or $151.63 million to $716.59 million.
Larry A. Mizel, MDC’s chairman and chief executive officer, stated, "We are very pleased with our 2016 fourth quarter results, highlighted by a 79% increase in our net income. Our solid backlog to start the quarter enabled us to increase our home sale revenues by 29% year-over-year, driving a 200 basis point improvement in our SG&A rate. These strong fourth quarter results pushed our full year return on equity to 8.1% for 2016, a 280 basis points improvement over the prior year."
Operating cash flow improves significantly
M.D.C. Holdings, Inc. has generated cash of $115.92 million from operating activities during the year, up 53,814.88 percent or $115.70 million, when compared with the last year. Cash flow from investing activities was $9.22 million for the year, down 80.54 percent or $38.14 million, when compared with the last year.
The company has spent $23.21 million cash to carry out financing activities during the year as against cash outgo of $20.41 million in the last year period.
Cash and cash equivalents stood at $282.91 million as on Dec. 31, 2016, up 56.31 percent or $101.92 million from $180.99 million on Dec. 31, 2015.
Real estate inventory was almost stable over the past one year at $1,758.81 million on Dec. 31, 2016. Net receivables were at $72.65 million as on Dec. 31, 2016, up 47.60 percent or $23.43 million from year-ago. Accounts payable increased 3.99 percent or $1.62 million to $42.09 million on Dec. 31, 2016.
Total assets grew 4.66 percent or $112.69 million to $2,528.59 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,208.52 million as on Dec. 31, 2016, up 4.22 percent or $48.91 million from year-ago.
Return on assets moved up 66 basis points to 1.60 percent in the quarter. At the same time, return on equity moved up 126 basis points to 3.06 percent in the quarter.
Debt remains almost stable
Total debt was almost stable over the past one year at $856.65 million on Dec. 31, 2016. Shareholders equity stood at $1,320.07 million as on Dec. 31, 2016, up 5.08 percent or $63.78 million from year-ago. As a result, debt to equity ratio went down 3 basis points to 0.65 percent in the quarter.
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