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Beazer Homes reports Q1 EPS 80c, consensus 74c
The Fly

Beazer Homes reports Q1 EPS 80c, consensus 74c

Reports Q1 revenue $444.9M, consensus $456.06M. Reports backlog dollar value of $940.9M, down 33.0% on a 40.2% decrease in backlog units to 1,740, partially offset by a 11.9% increase in average selling price of homes in backlog. The company said, "Despite a challenging new home sales environment, we generated strong first quarter financial results…The environment for new home sales was extraordinarily challenging early in the first quarter as 30-year mortgage rates moved above 7%, worsening an already difficult affordability equation for most home buyers. Toward the end of the quarter, as mortgage rates fell modestly, we experienced improved online and in-person visits, which led to a meaningful acceleration in our new home orders in January. We will continue to make necessary adjustments to home pricing, incentives and included features to remain competitive, while pursuing our efforts to reduce cycle times and construction costs."

Published first on TheFly

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