Beazer Homes (BZH) Tops Q2 EPS by 9c

Beazer Homes (NYSE: BZH) reported Q2 EPS of $0.35, $0.09 better than the analyst estimate of $0.26. Revenue for the quarter came in at $488 million versus the consensus estimate of $466.95 million.

“We generated strong second quarter results, highlighted by growth in revenue, margin and profitability, said Allan P. Merrill, Chairman and Chief Executive Officer of Beazer Homes. “Of course, these results were overshadowed by the effects of the COVID-19 pandemic beginning in mid-March. We have made significant operational changes to help protect the health and safety of our team, our customers and our trade partners and simultaneously taken steps to enhance our liquidity.”

• Net income from continuing operations of $10.6 million, compared to net loss from continuing operations of $100.8 million in fiscal second quarter 2019, which included an impairment charge of $147.6 million pre-tax
• Adjusted EBITDA of $43.9 million, up 34.7%
• Homebuilding revenue of $488.0 million, up 15.9% on a 12.6% increase in home closings to 1,277 and a 2.9% increase in average selling price to $382.1 thousand
• Homebuilding gross margin was 16.1%. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 20.8%, up 100 basis points
• SG&A as a percentage of total revenue was 12.0%, down 70 basis points year-over-year
• Unit orders of 1,661, up 3.9% on an increase in average community count to 167 and a slight increase in orders/community/month to 3.3
• Dollar value of backlog of $895.0 million, up 14.3%

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

You May Also Be Interested In

• onsemi downgraded by TD Cowen after Synaptics deal clouds growth story
• Kite Realty sells City Center in White Plains for $50 million
• Argus starts SpaceX at Hold, sees record IPO as a multi-year re-rating challenge