2023-07-27 06:22:45 ET
- Tri Pointe Homes press release ( NYSE: TPH ): Q2 GAAP EPS of $0.60 in-line.
- Revenue of $826.9M (-17.3% Y/Y) beats by $107.34M .
- Home sales revenue of $819.1 million compared to $1.0 billion, a decrease of 18%
- New home deliveries of 1,173 homes compared to 1,485 homes, a decrease of 21%
- Average sales price of homes delivered of $698,000 compared to $677,000, an increase of 3%
- Backlog units at quarter end of 2,765 homes compared to 3,826, a decrease of 28%
- Dollar value of backlog at quarter end of $1.9 billion compared to $3.0 billion, a decrease of 36%
- Average sales price of homes in backlog at quarter end of $695,000 compared to $779,000, a decrease of 11%
- Active selling communities averaged 140.3 compared to 121.8, an increase of 15%
- Net new home orders per average selling community were 13.6 orders (4.5 monthly) compared to 11.1 orders (3.7 monthly)
- Cancellation rate of 8% compared to 16%
- For the third quarter, the Company anticipates delivering between 1,000 and 1,100 homes at an average sales price between $690,000 and $700,000. The Company expects homebuilding gross margin percentage to be in the range of 21.0% to 22.0% for the third quarter and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 12.0% to 13.0%. Finally, the Company expects its effective tax rate for the third quarter to be in the range of 26.0% to 27.0%.
- For the full year, the Company anticipates delivering between 5,000 and 5,300 homes at an average sales price between $690,000 and $700,000. The Company expects homebuilding gross margin percentage to be in the range of 21.5% to 22.5% for the full year and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 10.5% to 11.5%. Finally, the Company expects its effective tax rate for the full year to be in the range of 26.0% to 27.0%.
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Tri Pointe Homes GAAP EPS of $0.60 in-line, revenue of $826.9M beats by $107.34M