Beazer Builds a Solid Quarter

Shares of Beazer Homes (BZH) rose Thursday after the company posted a nearly 50% rise in third-quarter earnings that easily beat analysts' estimates.

The Atlanta-based homebuilder posted earnings of $59.7 million, or $4.31 a share, up from $40.7 million, or $3.01 a share, in the same period last year.

Revenue increased by 31% to $1 billion from $771.8 million in the same period a year ago.

Beazer's quarterly results were well ahead of analyst estimates that had forecast earnings per share of $4.06 on revenue of $988.7 million.

The company attributed results to strong growth in home closings, which rose 12%. The company continues to see favorable conditions in the housing industry, and its backlog now stands at a sales value of $2.3 billion.

As a result, the company boosted fiscal 2004 guidance to $16.50 to $16.75 a share.

Analysts were expecting the company to earn $15.93 a share for the full year.

Beazer's shares were recently up $1.95, or 2.2%, to $91.17.

More from Stocks

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Micron Shares Soar; Chipmaker Is 'Managing for Profitability' Now, Says Analyst

Micron Shares Soar; Chipmaker Is 'Managing for Profitability' Now, Says Analyst

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament