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Meritage Homes Reports Strong Order Growth Of 46% And Revenue Growth Of 48% For The Fourth Quarter 2012

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,
  2012 2011 %Chg 2012 2011 %Chg
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

Management comments

"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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