TPH - Beazer Homes: Weak Q1 Results 2024 And 2025 Growth And Still Undervalued
2024-02-06 20:04:40 ET
Summary
- Beazer Homes reported weak Q1 2024 results, including lower revenues, earnings per share, and EBITDA.
- But with limited housing supply, lower mortgage rates, and improving balance sheet dynamics, Beazer Homes remains a strong buy.
- Beazer Homes expects growth in net new orders, community count, and land spend, positioning them for future growth in 2024 and 2025.
Summary
Beazer Homes USA ( BZH ) reported weak results for Q1 2024, including lower revenues, lower earnings per share, negative free cash flow, and lower EBITDA. Q1 is typically a weak period for Beazer Homes and they guided these results at their last conference call. Here is a quick recap of Q1 results:
- Net income from continuing operations of $21.7 million, or $0.70 per diluted share, compared to net income from continuing operations of $24.4 million, or $0.80 per diluted share, in the fiscal first quarter of 2023
- Adjusted EBITDA of $38.0 million, down 19.4%
- Homebuilding revenue of $380.9 million, down 14.2% on a 10.8% decrease in home closings to 743 and a 3.8% decrease in average selling price ((ASP)) to $512.7 thousand