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A home builder delivering an earnings and revenue beat on home price appreciation? In your wildest dreams? During the housing bust? In foreclosure U.S.A.? Standard Pacific Corp. (NYSE:SPF) did just that.

SPF earned 4 cents beating consensus 2 cents and sold $317 million of homes while the street expected $263 million. Their homes sold for an average $355,000 compared to last year's $302,000, an 18% increase. The beat was solely due to the California market in which homes sold for an average of $526,000, a whopping $123,000 climb over last year. (Perhaps, SPF may be bringing back the refrain, "wish they all could be California...")

Could this be the start of a come-back in the builders? SPF has been written off as dead. Were the obituaries for Beazer (NYSE:BZH), Hovnanian (NYSE:HOV), KB (NYSE:KBH), and the rest of the group written too soon?

Disclosure: No position SPF