Beazer Homes Loss Widens

Beazer Homes (BZH) said Tuesday that its fourth-quarter loss tripled year over year amid the long-running and steep downturn in the housing market.

For the quarter ended Sept. 30, Beazer reported a loss of $473.9 million, or $12.29 a share, compared with a loss of $155.2 million and $4.03 a share in the same period a year earlier.

Revenue slid to $712.6 million from $1.09 billion last year, while closings dropped 38.2% to 2,441 homes. New orders, however, increased 10.3% to 1,083 homes, as the cancellation rate declined.

"Conditions in both the overall economy and housing market came under greater pressure during our fourth quarter and have continued to deteriorate since that time," said Ian J. McCarthy, Beazer's president and CEO, in a press release. "Home buyer demand for new homes continues to be adversely affected by low levels of consumer confidence, falling home prices, extensive new and existing home supply and reduced access to mortgage financing."

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