Only a few months ago, analysts had projected $3.70 a share.

"We thought our earnings were very much in line with what the analysts had projected," he said.

Many analysts had projected only a slight growth in demand, if any, for next year.

Analysts are projecting a 4 to 8 percent decline for this year.

Most analysts are now projecting that profits for the entire year will be more than $14 a share, or $4.3 billion.

Analysts project its long-term growth rate as 23 percent.

Earnings per share increased 17 percent, to $1.18, about 4 cents higher than most analysts had projected.

The analysts project that 89,800 new homes will be built in the region in 1988.

But the earnings were still less than the 68 cents a share that analysts had projected.

Analysts had projected a profit of a dime a share.