Atlanta, GA, July 28--Beazer Homes USA reported earnings in the third quarter that rose 89 percent to $112.7 million, or $2.50 per share, compared with $59.7 million, or $1.42 per share, a year before.
Analysts, had expected earnings of $2.05 per share.
Sales rose 28.1 percent to $1.29 billion, as home closings rose 14 percent to 4,631 homes. Analysts had predicted revenue of $1.21 billion. Average prices of the homes closed rose $272,700.
The company forecast full-year earnings of $8 per share to $8.25 per share, up from its previously raised outlook of $7 per share to $7.25 per share. The forecast excludes a goodwill impairment charge taken in the second quarter but includes a charge to settle the claims of construction defects.
New orders rose 6.8 percent to 5,202 homes. The company saw strong growth in new orders in Southeast, Central, Mid-Atlantic and Midwest regions. That was offset by a decline in orders in the West region, where strong order growth in Arizona, Colorado and Southern California was countered by weakness in Nevada and Northern California.
The company ended the quarter with a backlog of 10,635 homes under contract and awaiting construction, up 14.6 percent from a year earlier. The value of the homes on backlog rose to $3.12 billion, up 35.4 percent, while the average price rose to $293,500.
