Ryland drops 21% on wider Q2 loss
The Ryland Group Inc. (NYSE:RYL) is off 21% today after reporting a wider net loss for the second quarter after the close on Wednesday. For the quarter ended June 30, the home building and financing company reported a net loss of $241.6 million, or $5.70 per share, compared with a net loss of $52.4 million, or $1.25 a share, for the same period a year ago. The Calabasas, Calif.-based company said the loss was due to inventory write-offs and an income tax charge. Also, a report today said sales of previously owned homes fell to the lowest number in more than 10 years, according to the National Association of Realtors.
In today’s trading, Ryland shares are at $20.90, down $5.60 from Wednesday’s close.
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