Beazer Homes Swings to Profit

NEW YORK (TheStreet) -- Beazer Homes(BZH Quote)swung to a profit in the fourth quarter, despite a significant decline in revenue.

For those desperate for positive news in the housing sector, Beazer also announced that it is seeing new orders slowly recover.

During the quarter, the company earned $33.8 million, or 84 cents a share, compared with a loss of $453.8 million, or $11.77 a share, in the year-ago period.

Excluding discontinued operations, the homebuilder actually earned 87 cents a share, far surpassing the loss of $1.24 analysts expected.

On the downside, revenue plunged 42% to $376.3 million from $649.8 million. On the upside, new home orders grew 2.4% and its cancellation rate improved to 34.7% from 46.3%.

Last week, Pulte Homes(PHM Quote) announced that it widened its loss in its third quarter, weighed down by the acquisition of Centex. Pulte, however, still raised its forecast on increased efficiencies and savings from the purchase.

-- Reported by Jeanine Poggi in New York

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