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Jun 30, 2022
Beazer Homes Q3 2022 Earnings Report
Beazer Homes' financial performance was strong, driven by increases in home prices and gross margin, despite supply chain challenges.
Key Takeaways
Beazer Homes reported strong Q3 financial results with net income of $54.3 million, or $1.76 per diluted share. Homebuilding revenue was $523.2 million, and the homebuilding gross margin was 25.1%. The company expects fiscal year 2022 earnings per share of approximately $6.50 and to reduce debt below $1 billion by year end.
Net income from continuing operations was $54.3 million, or $1.76 per diluted share, compared to $37.1 million, or $1.22 per diluted share, in Q3 2021.
Homebuilding revenue was $523.2 million, down 7.7% year-over-year.
Homebuilding gross margin was 25.1%, up 490 basis points.
Net new orders were 925, down 22.9% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Beazer Homes expects to generate fiscal year 2022 earnings per share of approximately $6.50, inclusive of previously disclosed tax benefits of approximately $0.40 per share, and reduce debt below $1 billion by year end.
Positive Outlook
- Size of backlog provides excellent visibility into full year financial results.
- Company expects to generate fiscal year 2022 earnings per share of approximately $6.50.
- Company anticipates reducing debt below $1 billion by year end.
- Structural demand for new homes remains quite strong.
- Company remains confident in the long-term prospects of the business and the new home industry.
Challenges Ahead
- Environment for new home sales became significantly more challenging during Q3.
- Higher mortgage rates and rapid inflation negatively impacted homebuyer sentiment and behavior.
- Many prospective customers are delaying purchase decisions.
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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