Beazer Homes (NYSE: BZH) reported Q1 EPS of $0.09, $0.02 better than the analyst estimate of $0.07. Revenue for the quarter came in at $417.8 million versus the consensus estimate of $410 million.

Beazer Homes Fiscal First Quarter 2020 Highlights and Comparison to Fiscal First Quarter 2019

• Net income from continuing operations of $2.8 million, compared to net income from continuing operations of $7.3 million in fiscal first quarter 2019
• Adjusted EBITDA of $29.4 million, up 9.4%
• Homebuilding revenue of $417.4 million, up 4.1% on a 2.7% increase in home closings to 1,112 and a 1.4% increase in average selling price to $375.4 thousand
• Homebuilding gross margin was 15.1%, flat year-over-year. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 19.8%, up 10 basis points
• SG&A as a percentage of total revenue was 13.3%, down 20 basis points year-over-year
• Unit orders of 1,251, up 28.2% on an increase in sales/community/month to 2.5 and an increase in average community count to 168
• Dollar value of backlog of $732.1 million, up 23.4%
• Unrestricted cash at quarter end was $41.3 million; total liquidity was $261.3 million

“We were very pleased with our first quarter results,” said Allan P. Merrill, Chairman and CEO of Beazer Homes. “Increases in both home sales and gross margins reflected improved consumer demand for new homes and our efforts to drive increases in profitability and returns. These results have enhanced our visibility and confidence in reaching our Fiscal 2020 goals of generating a return on assets above 10% and a double-digit growth rate in Adjusted EBITDA.

“Longer term, our focus on delivering ‘extraordinary value at an affordable price’, principally to first time and downsizing buyers, is ideally aligned with demographics and responsive to the challenge of providing affordable new homes. We remain confident in our ability to improve profitability and returns while reducing debt below $1 billion in the years ahead.”

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