Meritage Homes Corporation (MTH) Reports In-Line Q3 EPS, Q4 EPS Guidance Falls Short

Meritage Homes Reports Third Quarter 2015 Results, Including a 10% Increase in Total Order Value With 21% Increases in Home Closing Revenue and Ending Backlog Value

October 29, 2015 8:03 AM EDT

SCOTTSDALE, AZ -- (Marketwired) -- 10/29/15 -- Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, announced today third quarter results for the period ended September 30, 2015.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)

Three Months Ended Nine Months Ended September September 30, 30, 2015 2014 %Chg 2015 2014 %Chg -------- -------- ---- ---------- ---------- ----- Homes closed (units) 1,712 1,522 12% 4,603 3,999 15% Home closing revenue $661,884 $545,524 21% $1,770,184 $1,454,103 22% Average sales price - closings $ 387 $ 358 8% $ 385 $ 364 6% Home orders (units) 1,567 1,500 4% 5,532 4,672 18% Home order value $629,977 $573,643 10% $2,188,604 $1,747,118 25% Average sales price - orders $ 402 $ 382 5% $ 396 $ 374 6% Ending backlog (units) 3,043 2,705 12% Ending backlog value $1,264,872 $1,043,741 21% Average sales price - backlog $ 416 $ 386 8% Net earnings $ 30,308 $ 32,577 (7)% $ 75,841 $ 93,033 (18)% Diluted EPS $ 0.73 $ 0.79 (8)% $ 1.83 $ 2.27 (19)%... More