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CalAtlantic beats Street 1Q forecasts

IRVINE, Calif. (AP) _ CalAtlantic Group Inc. (CAA) on Thursday reported first-quarter profit of $82.3 million.

The Irvine, California-based company said it had profit of 62 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The homebuilder posted revenue of $1.34 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $1.27 billion.

CalAtlantic shares have risen 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $38.04, a rise of slightly more than 9 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAA at https://www.zacks.com/ap/CAA


Keywords: CalAtlantic Group, Earnings Report