Ryland provides more strong homebuilder results

Closings of 2,178 units in Q4 up 39% Y/Y. Backlog of 2,626 units up 9.8%. Average closing price of $314K up 16.3%. Gross profit margin of 21.9% up 190 basis points. SG&A expense of 11.3% of revenue falls from 13.4%.

New orders (adjusted for an acquisition last year) of 1,428 homes grew 2.7% from a year ago. New order dollars of $469.4M up 10.2%.

RYL +2.5%.

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