BZH - Beazer Homes GAAP EPS of $0.80 beats by $0.06 revenue of $444.1M misses by $11.96M
- Beazer Homes press release ( NYSE: BZH ): Q1 GAAP EPS of $0.80 beats by $0.06 .
- Revenue of $444.1M (-2.2% Y/Y) misses by $11.96M .
- Adjusted EBITDA of $47.1 million, down 22.9%
- Homebuilding gross margin was 19.2%, down 170 basis points. Excluding impairments, abandonments and amortized interest, homebuilding gross margin was 22.3%, down 190 basis points
- SG&A as a percentage of total revenue was 12.3%, up 50 basis points
- Net new orders of 482, down 57.8% on a 60.1% decrease in orders/community/month to 1.3, partially offset by a 5.8% increase in average community count to 121
- Backlog dollar value of $940.9 million, down 33.0% on a 40.2% decrease in backlog units to 1,740, partially offset by a 11.9% increase in average selling price of homes in backlog to $540.8 thousand
- Controlled lots of 24,735, up 7.3% from 23,049
- Land acquisition and land development spending was $114.7 million, down 12.2% from $130.7 million
- Unrestricted cash at quarter end was $120.7 million; total liquidity was $385.7 million
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Beazer Homes GAAP EPS of $0.80 beats by $0.06, revenue of $444.1M misses by $11.96M