Smith Douglas Homes Corp. (SDHC), a home builder that made its debut on the NYSE in January, reported second-quarter results that surpassed analysts' expectations on Wednesday. The company's shares rose more than 8 percent in pre-market trading, reaching $35.30.
The net income attributed to Smith Douglas Homes was $3.65 million, or $0.40 per share, beating the average analysts' estimates of $0.37 per share. It is important to note that analysts' estimates typically exclude one-time items.
Overall, the net income for the quarter totaled $24.73 million, a decrease from $30.74 million the previous year.
Home closing revenue saw an increase, reaching $220.93 million compared to $181.52 million in the prior year. The consensus estimate was $209.14 million.
Smith Douglas Homes stock closed at $32.56 on Tuesday, marking a 2.29 percent increase. Over the past year, the stock has fluctuated between $20.55 and $34.20.
