TRI Pointe reports Q1 EPS $1.03, consensus 76c

Reports Q1 revenue $918.4M, consensus $875.19M. “I am pleased to report our Q1 results, which again met or exceeded the high end of our guidance across all key operating metrics,” said CEO Doug Bauer. “We delivered 1,393 homes at an average sales price of $659K, resulting in home sales revenue of $918M, a 20% increase compared to the previous year. Homebuilding gross margin percentage was 23.0% for the quarter, a sequential improvement compared to our most recent quarter. These outstanding results culminated in net income of $99M and diluted EPS of $1.03, marking a 41% improvement year-over-year…” CFO Tom Mitchell said, “The strong demand we have experienced to start the year has allowed us to reduce incentives and increase pricing in select communities. As a result, we are raising full-year guidance for deliveries, average sales price, and homebuilding gross margin percentage. The underlying fundamentals continue to be strong for homebuilders and we feel Tri Pointe is in a great position to thrive in this environment.”