Ryland: The Top Is In
The home builder Ryland Group confirmed the peak is in with revenue and net income guidance for 2005 that is below consensus. "Ryland is saying it anticipates per-share earnings will exceed $7.50. The company had previously expected earnings of more than $7.25 a share."
The consensus number was $7.65 and the market was quick to sell off. It is the first time in many months that a large homebuilder has not out-performed.