M.D.C. Holdings, Inc. Earnings Cheat Sheet: Loss Made Worse, Company Falls Short of Estimates

M.D.C. Holdings, Inc. (NASDAQ:MDC) reported its results for the second quarter. M.D.C. Holdings, Inc.operates in the field of homebuilding and financial services. Its homebuilding operations consist of construction and sale of single-family detached homes and financial services includes mortgage loans, title agency services.

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M.D.C. Holdings Earnings Cheat Sheet for the Second Quarter

Results: Loss widened to $28 million (60 cents per diluted share) from $3.7 million (loss of 8 cents per share) in the same quarter a year earlier.

Revenue: Fell 33.9% to $215.7 million from the year earlier quarter.

Actual vs. Wall St. Expectations: MDC fell short of the mean analyst estimate of a loss of 33 cents per share. It fell short of the average revenue estimate of $222.8 million.

Quoting Management: Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “Over the past two years, we have focused a significant amount of time on land acquisition, which has yielded a 31% year-over-year increase in active subdivisions at the end of the second quarter, setting the stage for top-line growth in the second half of 2011. We accomplished the increase in active communities both through land purchases in our existing markets and by expanding into the Seattle market through the acquisition of assets from SDC Homes in April.”

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with a loss of 43 cents versus a mean estimate of a loss of 45 cents per share.

Revenue fell last quarter after seeing a rise the quarter before. Revenue dropped 15.4% to $169.7 million in the first quarter from the year earlier.

Competitors to Watch: D.R. Horton, Inc. (NYSE:DHI), PulteGroup, Inc. (NYSE:PHM), Toll Brothers, Inc. (NYSE:TOL), KB Home (NYSE:KBH), The Ryland Group, Inc. (NYSE:RYL), Standard Pacific Corp. (NYSE:SPF), Hovnanian Enterprises, Inc. (NYSE:HOV), NVR, Inc. (NYSE:NVR), Beazer Homes USA, Inc. (NYSE:BZH), and M/I Homes, Inc. (NYSE:MHO).

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(Source: Xignite Financials)