SCOTTSDALE, Ariz., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced fourth quarter results for the period ended December 31, 2012.
|Summary Operating Results (unaudited)|
|(Dollars in thousands, except per share amounts)|
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|Homes closed (units)||1,240||894||39%||4,238||3,268||30%|
|Home closing revenue||$ 364,118||$ 245,730||48%||$ 1,184,360||$ 860,884||38%|
|Average sales price - closings||$ 294||$ 275||7%||$ 279||$ 263||6%|
|Home orders (units)||1,094||749||46%||4,795||3,405||41%|
|Home order value||$ 353,862||$ 206,061||72%||$ 1,414,772||$ 907,922||56%|
|Average sales price - orders||$ 323||$ 275||18%||$ 295||$ 267||11%|
|Ending backlog (units)||1,472||915||61%|
|Ending backlog value||$ 479,266||$ 248,854||93%|
|Average sales price - backlog||$ 326||$ 272||20%|
|Net income/(loss)||$ 95,128||$ (11,774)||n/m||$ 105,163||$ (21,106)||n/m|
|Diluted EPS||$ 2.49||$ (0.36)||n/m||$ 3.00||$ (0.65)||n/m|
"We finished 2012 with another quarter of strong growth in orders, as year-over-year sales remained brisk through the end of the year, lessening the typical seasonal slowdown we would expect for the fourth quarter," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "We increased sales by ensuring that we had well-located land for new communities in high-demand areas, designing and introducing exciting new plans into most of our markets, and successfully demonstrating the benefits of our industry-leading energy efficient homes, which enabled us to capitalize on the general resurgence in new home demand throughout the year.
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