Beazer Homes reports Q1 EPS 70c, consensus 71c

Reports Q1 revenue $386.8M, consensus $424.25M. “Against a backdrop of declining mortgage rates in late November and early December, we generated strong first quarter results,” said Allan P. Merrill, the company’s Chairman and CEO. “Driven by a higher sales pace and greater community count, net new orders grew significantly versus the prior year. With a large backlog, improving cycle times and community count growth, we’re on track to meet our growth and profitability goals for the fiscal year.” Reports net new orders of 823, up 70.7% on a 50.4% increase in orders per community per month to 2.0 and a 13.5% increase in average community count to 137. Reports backlog dollar value of $932.8 million, down 0.9% on a 3.7% decrease in ASP of homes in backlog to $520.8 thousand, partially offset by a 2.9% increase in backlog units to 1,791.