William Lyon Homes announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's operating revenue was $624.643 million compared with $473.248 million a year ago. The increase was driven by a 17% increase in deliveries to 1,058 homes, compared to 902 in the fourth quarter of 2016, combined with an increase in the average sales price of homes delivered to $589,100, up 12% from the prior year. Operating income was $60.243 million compared with $38.181 million a year ago. Income before provision for income taxes was $62.189 million compared with $40.417 million a year ago. Net income available to common stockholders was $11.763 million or $0.30 per diluted share compared with $23.052 million or $0.60 per diluted share a year ago. Net cash provided by operating activities was $190.444 million compared with $104.684 million a year ago. Adjusted EBITDA was $95.801 million compared with $63.226 million a year ago.

For the year, the company's operating revenue was $1,796.528 million compared with $1,406.040 million a year ago. Operating income was $137.956 million compared with $93.968 million a year ago. Income before provision for income taxes was $120.684 million compared with $102.817 million a year ago. Net income available to common stockholders was $48.135 million or $1.24 per diluted share compared with $59.696 million or $1.55 per diluted share a year ago. Net cash provided by operating activities was $167.454 million compared with $21.706 million a year ago. Adjusted EBITDA was $243.685 million compared with $188.121 million a year ago.

Assuming the RSI acquisition closes in March, on a combined basis, the company currently expects its results for the full year 2018 to include deliveries of approximately 4,400 to 4,750 units, home sales revenue of approximately $2.2 billion to $2.3 billion, and expects community count by year-end 2018 of approximately 125 active selling communities. As look ahead, as the benefit of new tax legislation, the company is expecting a tax rate in 2018 of approximately 24%, which will have a significant benefit on net earnings and cash flow going forward.

For the first quarter of 2018, The company anticipates GAAP gross margin expansion of 180 to 200 basis points over the first quarter of 2017, effective income tax rate is expected to be 23% to 24% for the quarter.