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Jun 30, 2021
Beazer Homes Q3 2021 Earnings Report
Beazer Homes had a successful third quarter, driven by strong operational execution and continued strength in the housing market.
Key Takeaways
Beazer Homes reported strong Q3 2021 results with net income more than doubling compared to the same period last year, driven by gains in operating margin and adjusted EBITDA. The company also grew its total active lot position while continuing to reduce leverage.
Net income from continuing operations was $37.1 million, or $1.22 per diluted share, compared to $15.3 million, or $0.51 per diluted share, in Q3 2020.
Adjusted EBITDA increased by 45.9% to $78.8 million.
Homebuilding revenue rose by 6.5% to $566.9 million, driven by a 5.5% increase in average selling price and a 0.9% increase in home closings.
The dollar value of backlog increased by 53.1% to $1,354.6 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Beazer Homes expects fiscal 2021 earnings per share to be above $3.25 and is positioned to generate double-digit growth in earnings per share for shareholders in fiscal 2022.
Positive Outlook
- Strong operational execution
- Continued strength in the housing market
- Significant gains in operating margin
- Growth in total active lot position
- Reduction in leverage
Challenges Ahead
- Cyclical nature of the homebuilding industry
- Potential deterioration in homebuilding industry conditions
- Economic changes nationally or in local markets
- Potential negative impacts of the COVID-19 pandemic
- Shortages of or increased prices for labor, land or raw materials used in housing production
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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