Atlanta, GA, July 27, 2006--Beazer Homes USA reported said quarterly profit that fell 9 percent and orders dropped 16 percent, prompting the company to cut its forecast again in another sign of the weakening U.S. housing market.
For the third quarter that ended June 30, Beazer posted net income of $102.6 million, or $2.37 per share, down from $112.7 million, or $2.50 per share, a year earlier.
Analysts expected the earnings of $2.38 per share.
"Looking ahead, we do not see conditions in the housing markets improving significantly in the remainder of the fiscal year," Ian McCarthy, Beazer's chief executive said in a statement.
During the quarter, the company closed on the sale of 4,156 homes, down 10 percent from 4,631 a year before. Revenue, which reflects orders taken months ago, fell 7 percent to $1.20 billion from $1.29 billion.
Home orders, which are not reflected in the revenue, fell to 4,378 from 5,202, as increases in Texas and some Southeast markets were offset by significantly lower new home orders in the West and Florida.
The company cut its previously lowered forecast for fiscal 2006 of earnings per share to a range of $9.25 to $9.75 from $10 to $10.50.
Analysts expect Beazer to post earnings of $9.70 per share for the full year ending in September.
