Beazer Homes USA Q3 EPS Tops Estimate Boosted By Price Hike

  • Beazer Homes USA Inc BZH reported a third-quarter FY22 sales decline of 7.8% year-on-year, to $526.67 million, missing the consensus of $546.32 million.
  • Homebuilding revenue declined 7.7% to $523.2 million, driven by a 24.3% decrease in home closings to 1,043 homes.
  • Net new orders for the Q3 decreased 22.9% to 925, while the dollar value of homes in backlog as of June 30, 2022, increased 17.2% to $1.58 billion.
  • Homebuilding gross margin expanded 490 basis points to 25.1%. Excluding impairments, abandonments, and amortized interest, homebuilding gross margin was 28.1%, up 390 basis points.
  • The operating margin was 12.8%, and operating income for the quarter rose 38.1% to $67.2 million.
  • The company held $81.8 million in cash and equivalents as of June 30, 2022.
  • Adjusted EBITDA increased 11.9% to $88.2 million.
  • EPS of $1.76 beat the analyst consensus of $1.42.
  • "The environment for new home sales became significantly more challenging during our third quarter, as higher mortgage rates and rapid inflation – among other macro-economic headwinds – negatively impacted homebuyer sentiment and behavior," said Chairman and CEO Allan P. Merrill.
  • Price Action: BZH shares are trading higher by 4.58% at $16.00 in premarket on the last check Friday.
  • Photo Via Company
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