MTH - Meritage Homes plunge in trade despite strong Q3 earnings orders

"Our Q3 results continued to outperform and reflect the current strength in the homebuilding market. Sales orders of 3,851 homes this quarter were 71% more than 3Q19 and surpassed our previous quarterly record set in Q2. We also closed 24% more homes than we did in the same quarter of the prior year,"  Meritage Homes ([[MTH]] -5.0%) chairman & CEO Steven J. Hilton commented.Delivered highest quarterly orders driven by low mortgage interest rates, low inventories of existing and new homes:The company projects 11.2K-11.5K total home closings for ~$4.2-4.4B total home closing revenue and home closing gross margin of 21-21.5% for FY20; this is likely to translate into ~$10.25-10.50 diluted EPS, +60%+ Y/Y.The company plans for 300 communities by early to mid-2022.Replenishing the pipeline to grow community count and orders:Homes closed surged 24% to 3,004 while home closing revenue rose 21% to $1.1B; home orders were up 71%.Net earnings soared 47% to $135.5M

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Meritage Homes plunge in trade despite strong Q3 earnings, orders