Beazer Homes misses by $0.21, beats on revs:
- Reports Q2 (Mar) loss of $0.23 per share, $0.21 worse than the two analyst estimate of ($0.02); revenues rose 10.3% year/year to $425.47 mln vs the $397.65 mln two analyst estimate.
- Homebuilding gross margin excluding interest, impairments and abandonments was 20.7%, up 50 basis points, driven by increased home prices as well as the Company's cost control and improved cycle time initiatives.
- Sales per community per month of 3.4, up 9%
- New home orders, net of 1,549, up 0.7%
- Dollar value of homes in backlog of $776.4 million, up 0.4%, driven by an increase in the average selling price of homes in backlog of $347.2 thousand, up more than $11 thousand year-over-year
- "Since the beginning of the second quarter, the Company has accelerated operational and land investments in its Gatherings active adult communities. Ground breaking took place on the Company's first Orlando Gatherings community in the Lake Nona master-planned development. That site will ultimately provide more than 200 homes and will be open for sales in the first quarter of fiscal year 2018. Other sites were approved for purchase representing more than 240 homes, and the Company is currently reviewing a pipeline of future potential communities that exceeds 2,000 homes. On May 18th, the Company will host an event in New York City for institutional investors to further explain this rapidly expanding component of the Company's business."
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