This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs