Homebuilder revenues soar 59%

BONITA SPRINGS — WCI Communities posted a 59% increase in revenues in the fourth quarter compared with the same quarter one year ago as it benefited from the strong homebuilding recovery in Florida.

WCI reported fourth quarter net income totaled $12.6 million on revenues of $151 million. That compares with net income of $135 million on revenues of $95 million in the fourth quarter of 2013. The fourth quarter 2013 net income figure was impacted by a $126 million one-time income tax benefit.

The outlook remains positive. New orders during the fourth quarter rose 47% to 171 homes and the contract value of new orders was $73.2 million for the fourth quarter, an increase of 22.3% from the same period in 2013.

“We believe the Florida housing market remains strong and well positioned for sustained growth, supported by favorable demographic and economic trends,” says WCI President and CEO Keith Bass, in a statement.

WCI delivered 238 homes in the fourth quarter, up 58% from the prior-year period. The average selling price per home delivered during the three months ended Dec. 31 was $504,000, an increase of 10.3% compared to $457,000 in the fourth quarter of 2013.