Beazer Homes (NYSE: BZH) reported Q1 EPS of $0.03, $0.10 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $344.45 million versus the consensus estimate of $332.05 million.

Increases in both home closings and average selling price (“ASP”) contributed to substantially higher revenue, Adjusted EBITDA and net income compared to the prior year. Home closings of 1,049 were up 18.5%, while ASP increased to $320.9 thousand, and Adjusted EBITDA of $25.9 million was up $9.6 million, or 59.0%, versus last year.

The Company’s backlog value for the quarter ended December 31, 2015 was $634.6 million, a 13.2% increase from the prior year quarter, despite a 4.5% reduction in new home orders in the quarter. After a slow start to the quarter, the sales pace improved in November and December to a level in line with expectations.

“We are pleased with our fiscal first quarter results, as our focus on operational improvements allowed us to generate strong top line growth from a combination of more closings and a higher average selling price, and substantially improved profitability,” said Allan Merrill, CEO of Beazer Homes.

Mr. Merrill continued, “We’re well positioned heading into the spring selling season, as demand patterns in January continue to point to a steady housing recovery in the coming year. At the same time, we will take further steps to reduce our leverage, reflecting our view that doing so will create long-term shareholder value.”

For earnings history and earnings-related data on Beazer Homes (BZH) click here.