Dallas, TX, October 26, 2005--Centex Corp. topped quarterly earnings forecasts late Tuesday, raising its 2006 earnings estimates on the strength of its latest results and backlog of homes awaiting construction.
The company after the closing bell said fiscal second-quarter net income for the period ended September 30 was $334.5 million, or $2.49 a share, compared with $210.6 million, or $1.61 a share in the year-ago period.
Earnings were boosted $28 million, or 21 cents a share, by a tax refund, the Dallas-based homebuilder said. Analysts polled by Thomson First Call had expected per-share earnings of $2.09.
Centex said revenues increased 26% from last year to $3.63 billion, in line with the consensus analyst forecast of $3.62 billion.
Home closings were 17% higher than last year at 9,157 units, while the average sales price of a Centex home added 13.1% to $296,593, the firm said.
The company's backlog at quarter end was 17,727 homes, up 19% from last year, with an estimated sales value of $6.96 billion, or 30% higher than the year-ago period.
"The long-term fundamentals driving the industry remain strong," said Tim Eller, Centex chief executive, in a prepared statement.
The company raised its 2006 earnings estimate to a range of $9.65 to $9.85 a share. Previously, Centex had forecast earnings between $9.10 and $9.35 a share.
