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Jun 30, 2023
Beazer Homes Q3 2023 Earnings Report
Beazer Homes reported strong third quarter results driven by an improved sales pace, higher backlog conversion, and lower sales concessions.
Key Takeaways
Beazer Homes reported a net income of $43.8 million, or $1.42 per diluted share, and homebuilding revenue of $570.5 million, up 9.0% year-over-year. Net new orders increased by 29.7% to 1,200, and adjusted EBITDA was $72.8 million.
Net income from continuing operations was $43.8 million, or $1.42 per diluted share, compared to $54.3 million, or $1.76 per diluted share, in the prior year.
Homebuilding revenue increased by 9.0% to $570.5 million, driven by a 7.1% increase in home closings and a 1.8% increase in average selling price.
Net new orders rose by 29.7% to 1,200, with orders per community per month increasing by 28.3% to 3.2.
The dollar value of homes in backlog was $1.0 billion, down 36.4%, while backlog units decreased by 35.4% to 1,941.
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
Company remains confident in the multi-year outlook for our Company and industry. Powerful demographic trends and a persistent undersupply of homes should provide support for new home sales, even when we encounter more challenging economic conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income