Atlanta, GA, January 27—Home builder Beazer Homes USA reported fourth quarter earnings that rose 48 percent, as strong overall housing demand and higher prices offset declines in Arizona and Nevada.
For the fiscal first quarter ended Dec. 31, earnings rose to $69.7 million, or $4.70 per share, from $47.2 million, or $3.41 per share, a year earlier.
Analysts on average had expected $4.36 a share, on $984.92 million of revenue, according to Reuters Estimates.
A change in the rules for accounting for convertible debt reduced earnings per share in the first quarter fiscal 2005 by 30 cents per share, the company said.
Revenue climbed 12.6 percent to $911.8 million. Closings for the quarter fell 0.9 percent to 3,574, as the company saw declines in Nevada and Arizona.
Production delays associated with hurricanes also hurt parts of Florida and the Carolina, the company said.
New orders rose 7.3 percent to 3,545, Beazer said.
Beazer ended the quarter with a backlog of 8,427 homes contracted for and awaiting construction, up 18.3 percent. The value of the homes on backlog rose 42 percent to $2.35 billion.
Looking ahead, the company reaffirmed its outlook for fiscal 2005 earnings of $20.00 to $21.00 per share.
