UPDATE: Tri Pointe Homes Posts Upbeat Q4 Earnings, Revenue Misses Views
Tri Pointe Homes Inc. (NYSE: TPH) reported better-than-expected earnings for the fourth quarter. However, the company's revenue missed analysts' estimates.
The Irvine, California-based company posted quarterly income from continuing operations of $41.4 million, or $0.26 per share, versus a year-ago loss from continuing operations of $179.6 million, or $1.38 per share. Excluding one-time items, the company earned $0.28 per share.
Its revenue climbed 30.3% to $635 million. However, analysts were expecting earnings of $0.26 per share on revenue of $659.69 million.
New home orders climbed 37% to 714 from 521, while cancellation rate declined to 17% from 21%.
Average sales price in backlog climbed 12% to $633,000, while average sales price of homes delivered jumped 26% to $555,000 in the quarter.
"We are pleased with the progress we made in the fourth quarter and full year 2014," commented Douglas F. Bauer, TRI Pointe's Chief Executive Officer.
Mr. Bauer continued, "To better reflect the new size and scope of our organization, we are pleased to announce the rebranding of the Company to TRI Pointe Group. The rebrand to TRI Pointe Group not only signifies a new name, but also a new national company comprised of 6 premium regional homebuilders. We plan to reorganize our corporate structure with a new holding company parent to be named TRI Pointe Group. We expect to complete the reorganization in the second quarter of 2015. The TRI Pointe Group stock ticker will remain 'TPH.' The TRI Pointe Homes brand will continue its homebuilding operations in California and Colorado as a wholly owned subsidiary of the TRI Pointe Group."
For the full year, Tri Pointe projects earnings of $1.15 to $1.30 per share, versus analysts' estimates of $1.27 per share.
Tri Pointe Homes shares fell 1.95% to $15.60 in pre-market trading.
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