UPDATE: Beazer Homes Posts Wider Q1 Loss

posted a wider loss for the fiscal first quarter. The Atlanta, Georgia-based company posted a quarterly loss of $22.3 million, or $0.84 per share, versus a year-ago loss of $5.14 million, or $0.21 per share. The company posted a net loss from continuing operations of $18.1 million, versus a year-ago net loss of $3.9 million. The latest quarter included $13.6 million in unexpected warranty charges. Excluding certain items, the company's adjusted loss from continuing operations came in at $0.17 per share. Its revenue slipped 9.3% to $265.8 million. However, analysts were expecting a loss of $0.12 per share on revenue of $296.4 million. Total home closings shrank 14.7%, while the average sales price from closings surged 5.8% in the quarter. The home-building gross margin shrank to 16.6% from 21.2%. New home orders climbed 7.9% in the period. At the end of the quarter, the company's backlog was 1,771 homes. Allan Merrill, CEO of Beazer Homes said, “A lower-than-expected backlog conversion rate and unexpected charges adversely impacted quarterly revenue and profitability. However, with an improving sales environment and the largest December 31st backlog value since 2007 we remain optimistic about our ability to achieve a $20 million improvement in Adjusted EBITDA for fiscal 2015, excluding the unexpected charges taken this quarter." Beazer Homes shares closed at $17.25 yesterday.