Dec. 10, 2014, 3:53 PM
- "Why 2014 was a pause and flat to 2013 and not improving has been a bit puzzling," says Toll Brothers (TOL -7.6%) management on the earnings call.
- Asked about the impact of tumbling energy prices on markets like Dallas and Houston, management says the company's exposure there is small, with Houston accounting for 3.7% of signed contracts.
- Overall, Toll expects the housing recovery to be "bumpy," and that demand will truly return when buyers no longer fear price drops.
- Previously: Toll Brothers slips on FQ4 miss (Dec. 10, 2014)
- It's a different story (at least for the stock price) with Hovanian (HOV +5.9%) after its earning report today. Management: "It's an understatement to say that the past 12 months have been choppy ... Given the gains we've seen in employment, we would have expected stronger home sales."
- Previously: Hovnanian pops as fiscal 2015 starts off strong (Dec. 10, 2014)
- Other builders today: Ryland (RYL -5.1%), Lennar (LEN -5.3%), Beazer (BZH -5.1%), Pulte (PHM -3.5%), KB Home (KBH -5.1%).
- ETFs: ITB -3.4%, XHB -2.5%
Nov. 10, 2014, 10:08 AM
- Releasing preliminary FQ4 results ahead of a conference presentation, Toll Brothers reported sizable year-over-year sales gains both in terms of units and dollars. The ASP of homes delivered of $747K was up 6.3% from a year ago. The ASP of signed contracts in FQ4 of $757K was up 5%.
- PulteGroup (PHM +2.6%) is also benefitting from an upgrade to Buy at BofA. Others: Lennar (LEN +2.7%), D.R. Horton (DHI +2.1%), Ryland (RYL +3.1%), Hovnanian (HOV +3.4%), KB Home (KBH +3.1%).
- ETFs: ITB, XHB
Oct. 23, 2014, 10:23 AM
- Pretax earnings of $78.9M up 46.2% Y/Y. Net income of $48.5M or $0.85 per share.
- Closings of 2,018 units up 7.2% Y/Y, with ASP of $331K up 11.1%.
- Housing gross profit margin of 22.2% up 160 basis points.
- New Orders (excluding backlog acquired from Cornell Homes in July) up 13.6% in units, up 19.6% in dollars.
- Backlog up 5.4% in units to 3,559, up 14.5% in dollars to $1.2B.
- Active communities up 15.1% to 327. Controlled lots up 7% to 41,476.
- 860K shares repurchased during quarter.
- Previously: Ryland Group beats by $0.05, misses on revenue
- RYL -0.55%
Oct. 23, 2014, 8:08 AM
Oct. 8, 2014, 7:40 AM
- Analyst Ken Zener expects: 1) Lower Q3 order growth than consensus 2) 18% lower earnings 3) A decline in the current 30% price to book premium to peers.
- His $30 price target for Ryland (NYSE:RYL) equals 1.6x estimated book value, inline with peers' current average of 1.6x. It's also roughly 10x his $3.06 earnings estimate - the Street is at $3.62.
Sep. 17, 2014, 10:04 AM
- Lennar's sizable earnings beat included a 23% gain in new orders - a strong result given the slowdown seen from some other builders.
- Previously: Lennar up 4.3% after reporting big quarter
- ETFs: ITB +2.6%, XHB +1.8%
- Individual players: Ryland (RYL +4.8%) Pulte (PHM +3.8%), Toll Bros. (TOL +3.2%), D.R. Horton (DHI +4%), Hovnanian (HOV +5.8%), KB Home (KBH +4.4%), Comstock (CHCI +4.2%), Standard Pacific (SPF +3.8%).
Sep. 3, 2014, 10:16 AM
- The homebuilders are lower in early action following Toll Brothers beating earnings estimates, but expressing caution on pricing power, and cutting guidance for full-year home deliveries.
- ITB -0.8%, XHB -0.5%.
- Individual names: Hovnanian (HOV -0.9%), Lennar (LEN -1.5%), KB Home (KBH -1.8%), PulteGroup (PHM -1.4%), D.R. Horton (DHI -1.1%), Ryland (RYL -1.5%), NVR (NVR -1.1%), Standard Pacific (SPF -1.1%).
Aug. 19, 2014, 10:31 AM
- A far-faster-than-expected 15.7% gain in housing starts in July has the homebuilders sharply higher. Lenner (LEN +2.6%), Comstock (CHCI +5.8%), Ryland (RYL +2.4%), Hovnanian (HOV +3.2%), D.R. Horton (DHI +2.1%), Toll Bros. (TOL +1.4%), PulteGroup (PHM +1.1%), KB Home (KBH +1.9%).
- Commenting on the number, Bill McBride notes starts in Q1 averaged 925K on a seasonally-adjusted annualized rate, 997K in Q2, and that Q3 appears to be off to a solid start (1.093M in July). By year's end, McBride expects 2014 housing starts to increase by a double-digit pace over a weak 2013.
Aug. 5, 2014, 12:45 PM
- Cautious overall on small caps (NYSEARCA:IWM) due to valuation concerns, Goldman's David Kostin nevertheless has a list of 25 names with market caps less than $4B which could offer at least 25% upside to his firm's price target over the next year.
- The list skews towards Consumer Discretionary - Lumber Lidquidators (LL +2.1%), Office Depot (ODP -2.4%), RetailMeNot (SALE -26.1%), Ryland (RYL +0.5%), Steven Madden (SHOO +2.7%), Vitamin Shoppe (VSI -8.2%) - and Tech - Universal Display (OLED -0.2%), Qlik Technologies (QLIK -1.6%), Proofpoint (PFPT -1.5%), Polycom (PLCM +0.2%), Nimble Storage (NMBL -0.3%), Marketo (MKTO +1.1%), Infinera (INFN +1.1%), Cornerstone Ondemand (CSOD -0.9%), GT Advanced Technology (GTAT +5.7%).
- Also included are Health Care names: Agios Pharmaceuticals (AGIO -1.1%), NPS Pharma (NPSP +0.7%), NuVasive (NUVA -1.8%), Synageva (GEVA -1.6%); Consumer Staples: Darling Ingredients (DAR -0.8%); Materials: Axiall (AXLL -1%), Boise Cascade (BCC -0.9%); Industrials: Granite Construction (GVA +0.7%), Financials: MGIC Investment (MTG +1.2%), Radian (RDN +1.7%).
Jul. 31, 2014, 8:53 AM
- Net income from continuing operations of $32M or $0.57 per share vs. $231.2M and $4.16 a year ago. The items are not comparable due to 2013's reversal of the DTA valuation allowance.
- Closings of 1.7K units up 2.5%; average closing price of $333K up 16%.
- Housing gross profit margin of 21.2% up 80 basis points.
- SG&A expense totaled 11.8% of homebuilding revenue vs. 12.4% a year ago.
- New orders of 2,228 units up 1.7%, up 9.4% excluding backlog acquired from LionsGate Homes. New orders dollar amount of $761.2M up 12.5%.
- Backlog of 3,870 units up 5.5%.
- RYL +0.5% premarket
- Previously: Ryland Group misses by $0.11, misses on revenue
Jul. 31, 2014, 8:05 AM
Jul. 24, 2014, 5:25 PM
Jul. 24, 2014, 10:09 AM
- The ITB is lower by 1.5% and the XHB by 0.7% with earlier earnings misses from Pulte (PHM -1.5%) and D.R. Horton (DHI -5%). and just-released disappointing new home sales data weighing. Also reporting this morning was M/I Homes (MHO -3.2%), and that company beat estimates.
- June single-family new home sales of 406K fell 8.1% from May's rate of 442K (which was revised down from 504K). Expectations for June sales were 479K.
- The supply of new homes rises to 5.8 months at June's sales pace from 5.2 months previously.
- Other names: Lennar (LEN -1.6%), Ryland (RYL -2.3%), Standard Pacific (SPF -2%), Hovnanian (HOV -0.9%), Toll Brothers (TOL -2.2%).
Jun. 20, 2014, 10:38 AM
- The averages are nudging higher, but not the homebuilder names after Owens Corning cuts 2014 guidance on continued weakness in its roofing business.
- Soft action in Q1 continued through April and May, says the company, which now sees H1 roofing volumes as much as 20% lower than 2013. Owens still expects H2 to be better, but is less confident of that forecast today than it was a few months ago.
- ETFs: ITB -1.3%, XHB -1.2%
- Toll Bros. (TOL -1.6%), TriPointe Homes (TPH -1.3%), Lennar (LEN -1.6%), Ryland (RYL -1.8%), Hovnanian (HOV -0.9%), PulteGroup (PHM -1.2%), D.R. Horton (DHI -0.8%), Standard Pacific (SPF -1.8%)
Jun. 17, 2014, 9:44 AM
- Hit particularly hard in early action are the homebuilders after May housing starts missed expectations, but a fast CPI print has interest rates higher.
- Previously: Treasury prices slip after fast CPI report
- ETFs: ITB -1.1%, XHB -0.7%
- D.R. Horton (DHI -2.3%), KB Home (KBH -1.3%), Ryland (RYL -1.1%), Toll Brothers (TOL -1.2%), Lennar (LEN -0.7%), Hovnanian (HOV -0.7%)
Apr. 25, 2014, 4:24 PM
RYL vs. ETF Alternatives
Ryland Group Inc is a homebuilder and a mortgage-finance company, which consists of five operating segments namelyNorth, Southeast, Texas and West (four geographically determined homebuilding regions); and financial services.
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