Beazer Homes (BZH) Reports Q2 Results
Atlanta, GA, May 3, 2018-For Q2 2018, Beazer Homes reported a homebuilding revenue increase of 4.6%, on a 2.2% increase in home closings to 1,266 and a 2.3% increase in average selling price to $348,400.
Net income from continuing operations was $11.6 million, compared to net loss of $7.5 million in Q2 2017.
Net new orders for Q2 increased 8.4% from the prior year, which was achieved even as average community count decreased by three communities to 151. The growth in net new orders was driven by an increase in absorption rate to 3.7 sales per community per month, up 10.3% from the previous year. The cancellation rate was 14.9%, down 170 basis points from the second quarter of last year.