Beazer Homes reports Q3 EPS $1.42, consensus 88c

Reports Q3 revenue $572.5M, consensus $512.26M Reports backlog dollar value of $1.0B, down 36.4% on a 35.4% decrease in backlog units to 1,941 and a 1.6% decrease in average selling price of homes in backlog to $520,300. The company said, “Strong third quarter results were highlighted by an improved sales pace, higher backlog conversion and lower sales concessions. “These factors and careful management of overheads allowed us to generate $73 million in Adjusted EBITDA and $1.42 of earnings per diluted share…We remain confident in the multi-year outlook for our Company and industry. Powerful demographic trends and a persistent undersupply of homes should provide support for new home sales, even when we encounter more challenging economic conditions. With a dedicated operating team, a growing community count and a more efficient and less leveraged balance sheet, we have the resources to create durable value for our stakeholders in the years ahead.”