Meritage Homes Corporation (NYSE: MTH) reported Q1 EPS of $0.56, $0.13 better than the analyst estimate of $0.43. Revenue for the quarter came in at $660.62 million versus the consensus estimate of $612.43 million.

“With a successful first quarter behind us and a positive outlook for continued strong demand through the spring selling season, we remain confident in our projections for 2017, including deliveries of approximately 7,500-7,900 homes and estimated total closing revenue of $3.1-3.3 billion for the year. Though mindful of labor and materials cost pressures, we believe we can maintain gross margins consistent with 2016 while generating a 6-12% increase in pre-tax earnings through a combination of cost management and additional operating leverage with our anticipated revenue growth.”

GUIDANCE:

Meritage Homes Corporation sees FY2017 revenue of $3.1-3.3 billion, versus the consensus of $3.23 billion.

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