Beazer Homes (BZH) Misses Q2 EPS by 6c
Beazer Homes (NYSE: BZH) reported Q2 EPS of ($0.04), $0.06 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $385.6 million versus the consensus estimate of $382.87 million.
“Our second quarter results demonstrated our ability to successfully grow EBITDA while reducing leverage. Although uncertainty in the broader economy contributed to an uneven start to the spring selling season, we were encouraged by more consistent new home orders as the quarter progressed,” said Allan Merrill, CEO of Beazer Homes.
Mr. Merrill continued, “We are pleased with our results for the quarter and so far this year and look forward to further progress on our joint “2B-10” and deleveraging objectives in the second half of the year.”
Q2 Results from Continuing Operations (unless otherwise specified) | |||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||
| 2016 | 2015 | Change* | |||||||||||||||||
| New Home Orders | 1,538 | 1,698 | (9.4 | )% | |||||||||||||||
| Orders per community per month | 3.1 | 3.5 | (11.4 | )% | |||||||||||||||
| Average active community count | 166 | 160 | 3.8 | % | |||||||||||||||
| Actual community count at month-end | 163 | 163 | — | % | |||||||||||||||
| Cancellation rates | 17.6 | % | 16.7 | % | 90 bps | ||||||||||||||
| Total Home Closings | 1,150 | 936 | 22.9 | % | |||||||||||||||
| Average selling price from closings (in thousands) | $ | 328.0 | $ | 305.8 | 7.3 | % | |||||||||||||
| Homebuilding revenue (in millions) | $ | 377.3 | $ | 286.2 | 31.8 | % | |||||||||||||
| Homebuilding gross margin, excluding impairments and abandonments (I&A) | 15.9 | % | 18.3 | % | -240 bps | ||||||||||||||
| Homebuilding gross margin, excluding I&A and interest amortized to cost of sales | 20.2 | % | 21.7 | % | -150 bps | ||||||||||||||
| Homebuilding gross margin, excluding I&A, interest amortized to cost of sales and unexpected warranty costs | 20.2 | % | 21.7 | % | -150 bps | ||||||||||||||
For earnings history and earnings-related data on Beazer Homes (BZH) click here.