UPDATE: Beazer Homes Posts Higher Q4 Earnings

Beazer Homes USA

reported upbeat earnings for the fourth quarter. The Atlanta, Georgia-based company reported a quarterly profit of $59.8 million, or $1.88 per share, versus a year-ago profit of $11.9 million, or $0.38 per share. It income from continuing operations came in at $1.90 per share. Its revenue climbed to $545.9 million from $438.3 million. However, analysts were expecting a profit of $1.08 per share on revenue of $506 million. Adjusted EBITDA climbed to $128.3 million. Total home closings rose 2.3% to 1,695 versus 1,657, while the average sales price from closings rose 12.2%. Its cancellation rate shrank to 23.4% from 23.9%, while gross margin, excluding impairments and abandonments, and interest amortized to cost of sales, narrowedl to 21.3% from 21.4%. New orders slipped 1.6% to 1,173. As of September 30, 2014, total backlog from continuing operations were 1,690 homes with a sales value of $515.9 million, versus 1,893 homes with a sales value of $528.1 million as of September 30, 2013. “We are very pleased to report positive net income for fiscal year 2014,” said Allan Merrill, CEO of Beazer Homes. “Returning to profitability represents a key milestone for our employees and shareholders - particularly because it was achieved from fewer new home communities, lower home closings and in a challenging home sales environment.” Beazer Homes shares rose 0.26% to $19.30 in pre-market trading.