WCI Communities announced this morning that it posted earnings per share of $0.35 in the second quarter, beating Wall Street's estimates of $0.30 despite "unevenness" in the market, according to CEO Keith Bass. Its net income attributable to common shareholders was $9.4 million.

WCI posted a 26.3% increase in deliveries (307), a 14.2% increase in home building revenues of ($132.0 million), and debt to capital of 34.2%. Its new orders fell 10.7% to 268 and its backlog units dropped 6.5% to 586.

Bass commented in the earnings release, "I am pleased with our second quarter results as we increased deliveries, total revenues and new order average selling prices despite some unevenness in our markets during the spring selling season." Mr. Bass added, "Overall, we believe the Florida housing market remains healthy and are optimistic that the state will continue to demonstrate sound demographic, economic and real estate fundamentals on which we are well-positioned to capitalize on in the future."

Here's more directly from WCI's release:

The company delivered 307 homes in the second quarter of 2016, an increase of 64 units, or 26.3%, from the prior year quarter. The average selling price per home delivered during the quarter ended June 30, 2016 was $430,000, a decrease of 9.7%, compared to $476,000 in the second quarter of 2015. The decrease in average selling price is primarily due to a shift in our delivery mix to a greater percentage of homes delivered from the lower-priced active adult customer segment.

The company generated total revenues of $167.4 million for the quarter ended June 30, 2016, an increase of $16.7 million, or 11.1%, compared to $150.7 million in the second quarter of 2015. Compared to the prior year quarter, home building revenues grew 14.2% and Real Estate Services revenues grew 4.5%, while Amenities revenues decreased by 15.0%. Amenities revenues in 2016 were reduced by the de-consolidation of one of our joint ventures in accordance with the provisions of Accounting Standards Update 2015-02.

For the quarter ended June 30, 2016, net income attributable to common shareholders was $9.4 million, or $0.35 per diluted share, compared to $9.8 million and $0.37, respectively, in the prior year quarter.

The home building gross margin percentage was 24.7% in the second quarter of 2016, representing a decline of 200 basis points as compared to the second quarter of 2015. Adjusted gross margin from homes delivered, a non-GAAP financial measure, was 27.5% in the quarter ended June 30, 2016, representing a 160 basis point decrease from the prior year quarter. The decline is primarily attributable to a shift in delivery mix as the percentage of deliveries from communities owned as of September 2009 declined from 70% in the prior year quarter to 51% in the second quarter of 2016.

New orders during the second quarter of 2016 decreased 10.7% to 268, while the average selling price per new order increased by 5.8% to $454,000 as compared to the second quarter of 2015. The contract value of new orders was $121.8 million for the second quarter of 2016, a decrease of 5.3% from the prior year quarter.

As of June 30, 2016, the backlog contract value was $304.6 million, an increase of $10.5 million, or 3.6% from the prior year. The average selling price of backlog units was $520,000, an increase of 10.9% from the prior year.

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