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Dec 31, 2023
Beazer Homes Q1 2024 Earnings Report
Beazer Homes reported strong first quarter results driven by higher sales pace and greater community count.
Key Takeaways
Beazer Homes USA, Inc. reported a decrease in homebuilding revenue by 14.2% to $380.9 million due to a decrease in home closings and average selling price. However, net new orders increased by 70.7%. Net income from continuing operations was $21.7 million, or $0.70 per diluted share.
Net income from continuing operations was $21.7 million, or $0.70 per diluted share.
Homebuilding revenue decreased by 14.2% to $380.9 million.
Net new orders increased by 70.7% due to higher sales pace and community count.
Homebuilding gross margin was 19.9%, up 70 basis points.
Beazer Homes
Beazer Homes
Beazer Homes Revenue by Segment
Beazer Homes Revenue by Geographic Location
Revenue by Segment
Homebuilding Revenue
CapyFin.comLand Sales and Other Revenue
CapyFin.comRevenue by Geographic Location
West Region Revenue
CapyFin.comEast Region Revenue
CapyFin.comSoutheast Region Revenue
CapyFin.com Forward Guidance
The Company's multi-year outlook and growth objectives remain on track, and they continue to have confidence in sustained demand for the homes they build. They have an ample lot supply to support community count growth objectives, an accelerating number of Zero Energy Ready homes in their pipeline and a healthy balance sheet.
Positive Outlook
- On track to meet growth and profitability goals for the fiscal year.
- Delayed closings were completed in the first two weeks of January.
- Multi-year outlook and growth objectives remain on track.
- Confidence in sustained demand for the homes they build.
- Healthy balance sheet supports ability to create durable value.
Challenges Ahead
- Cybersecurity incident delayed a number of closings in the quarter.
- Lower homebuilding revenue.
- First quarter adjusted EBITDA of $38.0 million was down $9.1 million, or 19.4%.
- SG&A as a percentage of total revenue was 14.3%, up 200 basis points.
- Backlog dollar value of $932.8 million, down 0.9%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income