William Lyon Homes announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported operating revenue of $373,368,000 compared to $258,854,000 a year ago. Operating income was $14,435,000 compared to $6,308,000 a year ago. Income before provision for income taxes was $15,402,000 compared to loss before provision for income taxes of $14,926,000 a year ago. Net income was $12,588,000 compared to net loss of $9,296,000 a year ago. Net income available to common stockholders was $8,328,000 or $0.21 per basic and diluted share compared to net loss of $10,000,000 or $0.27 per diluted share a year ago. Net cash generated from operating activities was $98,028,000 compared to net cash used in operating activities $41,381,000 a year ago. Adjusted EBITDA was $41,712,000 compared to $20,041,000 a year ago. Adjusted net income available to common stockholders of $10.9 million, or $0.27 per diluted share, compared to $4.1 million, or $0.11 per diluted share in the prior period, up 167% and 145%, respectively. Adjusted pre-tax income of $18.5 million, up 169%, which excludes transaction expenses of $3.1 million, before tax.

For the second quarter, The company anticipates GAAP gross margins of 17.4% to 17.6%. Income attributable to non-controlling interest to be approximately $4 million.

For the year, the company expects tax rate of approximately 24%. Home sales revenue of approximately $2.2 billion to $2.3 billion and pretax income before non-controlling interest of approximately $175 million to $185 million inclusive of RSI transaction expenses and purchase accounting.