TRI Pointe reports Q2 EPS 60c, consensus 58c

Reports Q2 revenue $819.08M, consensus $705.59M. “Tri Pointe delivered strong results for the second quarter, surpassing our delivery guidance and leading to home sales revenue of $819 million while generating $61 million in net income available to common stockholders, or $0.60 per diluted share,” said Doug Bauer, Tri Pointe Homes Chief Executive Officer. “The healthy buyer demand we saw in the first part of the year continued a strong seasonal trend through the second quarter, resulting in a 41% increase in net new home orders compared to the same prior-year period, and an 18% increase sequentially from the first quarter of 2023. We attribute these outstanding results to several underlying factors fueling today’s housing market, the foremost of which is the persistent limited supply of overall housing that falls short of current demand. This demand is largely being powered by a combination of new household formations, the entry of Gen Z into the home-buying market, and Millennials reaching their prime home-buying age. Additionally, with stabilized mortgage rates, consumers have adjusted to mid-six to low-seven percent interest rates, setting a new normal in the market.”