Meritage Homes reports record third quarter 2020 orders 71% higher than prior year; 56% increase in net earnings with 21% revenue growth and 21.5% gross margin

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Go back to Meritage Homes reports record third quarter 2020 orders 71% higher than prior year; 56% increase in net earnings with 21% revenue growth and 21.5% gross margin

Meritage Homes Corporation (MTH) Tops Q3 EPS by 43c, Revenues Beat

October 21, 2020 4:36 PM EDT

Meritage Homes Corporation (NYSE: MTH) reported Q3 EPS of $2.84, $0.43 better than the analyst estimate of $2.41. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.11 billion.

THIRD QUARTER RESULTS

The record total sales orders for the third quarter of 2020 reflected an increase of 71% year-over-year, driven by a 94% increase in absorption pace over the prior years third quarter with high demand for Meritage's entry-level LiVE.NOW® product. Entry-level represented almost 70% of third quarter 2020 orders, compared to 54% in the same quarter in 2019. Absorptions doubled in Texas to six per... More