RTTNews | Jul 28, 2020 06:21AM EDT

06:20 Tuesday, July 28, 2020 (RTTNews.com) - M.D.C. Holdings Inc. (MDC) reported better-than-expected results for the second quarter, fueled by significant revenue growth and margin expansion.

The company's Q2 net income was $84.4 million or $1.31 per share compared to $54.6 million or $0.86 per share last year.

Home sale revenues increased to $886.8 million from $732.8 million generated in the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $0.83 per share on revenue of $808.09 million for the quarter. Analysts' estimate typically exclude certain special items.

For the third quarter, the company expects home deliveries to be between 1,900 and 2,100, and gross margin from home sales to be about 20%.

Home deliveries for fiscal 2020 is expected to be in the range of 7,700 - 8,000.

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