Beazer Homes Reports a Loss in Q1 (BZH)
1/29/2013 10:36:51 AM
Diversified homebuilder Beazer Homes USA Inc. (NYSE: BZH) swung to a loss in its first quarter. However, the company’s loss for the quarter was less than forecast.
Key Points
- Beazer Homes sees sharp gains in home orders
- Revenue surges 31% but misses forecasts
- Average sale price rises sharply due to increase in demand for homes
Allan Merrill, President and CEO of Beazer Homes, said that in the first quarter, the company achieved improvements in nearly every operational and financial metric compared to last year, including new orders, closings and adjusted EBITDA. Merrill further said that the company saw higher home sales prices and lower cancellation rates as most of its geographic markets continued to show signs of improvement.
Commenting on the U.S. housing market, Merrill said that while there are still challenges to overcome before the industry can achieve a full turnaround, he believes that improvements in consumer confidence coupled with low mortgage rates and enhanced clarity regarding mortgage qualification procedures should provide support for increased demand for new homes and improved new home pricing.
For the first quarter ended December 31, 2012, Beazer Homes reported a loss of $20.4 million, or $0.84 per share, compared to a profit of $739,000, or $0.04 per share. The company’s results last year included an income tax benefit of $36.1 million. Revenue for the quarter rose 31% $246.7 million. Analysts were expecting the homebuilder to report a loss of $0.99 per share and revenue of $260.5 million for the first quarter.
Beazer Homes shares had finished 2.78% lower at $18.18 in trading on Monday. The stock was inactive in pre-market trading today.
About Beazer Homes USA Inc.
Based in Atlanta, Georgia, Beazer Homes USA Inc. is a homebuilder, operating in 16 states.
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