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1st profits since 2006 seen for O.C. builder

November 30th, 2009, 3:48 pm · 20 Comments · posted by Jeff Collins

click to enlarge

Click to enlarge

JMP Securities stock analyst James Wilson says that Irvine-based Standard Pacific Homes could be profitable next year, ending a 12-quarter run of red ink, The Associated Press reports.

According to company filings, Standard Pacific has lost nearly $2.2 billion since the the fourth quarter of 2006, although quarterly losses had been getting smaller this year (see chart).

According to the AP story:

  • Wilson expects the homebuilder to earn 5 cents per share next year and post a loss of 41 cents per share this year.
  • On average, analysts polled by Thomson Reuters project a loss of 8 cents per share next year and a loss of 43 cents per share this year.
  • Standard Pacific hasn’t posted an annual profit since 2006.
  • Meanwhile, prices are flat or moderately better in each of Standard Pacific’s markets except for Florida, while sales patterns are stable, he said.
  • Standard Pacific will likely have the opportunity to buy distressed land next year.

Real estate outlooks:

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 20 Comments

  • Jc says:
    November 30, 2009 at 4 pm

    really?? yeayyy

  • Gunner says:
    November 30, 2009 at 9 pm

    Let the good times roll…profits are going to skyrocket until 2012 when RE peaks at $600K and rolls back until 2014.

  • shockg says:
    November 30, 2009 at 9 pm

    Amen.

  • Buster D says:
    November 30, 2009 at 9 pm

    Good news— slowly gonna climb outta this mess—–Thank God Bush is gone!!

    • SC2 says:
      December 1, 2009 at 8 am

      Deficit tripled. Obama to increase troops. UE very high. RE debtors still can’t make it. Thank God Bush is gone - people should have sold at the RE and stock peaks when Bush was in office…

  • Lucifer'sFlowers says:
    November 30, 2009 at 10 pm

    Who can afford $600K to buy a home with the way the economy is nowadays?

    There’s a finite amount of people that can successfully be lawyers, doctors, upper management who can afford to live in said homes.

    • shockg says:
      December 1, 2009 at 8 am

      Two income families don’t need to be doctors or lawyers to afford a $600K home. There are plenty of those households.

      • Linguistical says:
        December 1, 2009 at 9 am

        Data says there are not. Not many move up buyers due to the number of REO’s and short sales. Not many that have $120k for 20% down. Not many that make the $160k+/year to qualify for $600k with an FHA loan. That is why sales over $500k are slow…simple as that. But, keep throwing out your lies suckg…they make you look as clueless as you are.

      • Price of Bad Tidings says:
        December 1, 2009 at 11 am

        Too bad that too many people think that an ordinary OC SFH is worth close to 600K. The problem is that the number of OC doctors or lawyers hasn’t exploded that much to truly sustain the current median.

        In other words, your sense of entitlement is out of place in these times of economic hardship.

  • Paul says:
    November 30, 2009 at 10 pm

    Obama will take any profit and redistribute. Thats why I don’t work, he takes care of me. He loves loafers like me. Ahh unemployment, I can watch tv for a whole year. Pretty soon I will get free healthcare. The less I work the more I get.

    • Price of Bad Tidings says:
      December 1, 2009 at 12 am

      Damn straight. We should return to the traditional system of welfare for the rich. At least they look good in suits and expensive cars, right?

    • Buster D says:
      December 1, 2009 at 6 am

      wow– you guys are kooks– get a job! I love Obama!

  • PaulIsAnA$$hole says:
    November 30, 2009 at 10 pm

    ‘Nuf said.

  • Luke says:
    December 1, 2009 at 10 am

    Remember change change. Obama is no change he is worse. Look at all the debt he is adding. Look at the taxes. Look at his corrupt czars that are let go in the middle of the night. What a job. He needs to resign. The sooner he leaves that better America does.

    • Price of Bad Tidings says:
      December 1, 2009 at 11 am

      The more things change, the more they stay the same. McCain would have done the same things. Unless voters break out of their apathetic tendency of flip flopping between the same two parties, America will continue its decline.