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Sep 30, 2021
Beazer Homes Q4 2021 Earnings Report
Beazer Homes reported strong results driven by operational execution and continued strength in the housing market.
Key Takeaways
Beazer Homes reported a successful fiscal year, with significant gains in operating margin and adjusted EBITDA, leading to full year net income that more than doubled the prior year. The company also grew its total active lot position and reduced leverage. For Q4, net income from continuing operations was $48.4 million, or $1.57 per diluted share.
Net income from continuing operations was $48.4 million, or $1.57 per diluted share, compared to $24.6 million, or $0.82 per diluted share, in fiscal fourth quarter 2020.
Homebuilding revenue was $589.1 million, down 13.2% on a 19.0% decrease in home closings to 1,407, partially offset by a 7.1% increase in average selling price to $418.7 thousand.
Net new orders decreased to 1,069, down 46.8% from the prior year, driven by a decrease in average community count and sales pace.
Controlled lots increased 23.3% to 21,987.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The new home market continues to be characterized by strong demand and limited supply. The company believes its strong backlog and operational momentum will allow it to generate earnings per share above $5.00. The company also expects further growth in its active lot position and to achieve its multi-year goal of reducing total debt below $1 billion.
Positive Outlook
- Strong demand in the new home market.
- Limited supply in the new home market.
- Growth in employment and household income.
- Strong backlog.
- Operational momentum.
Challenges Ahead
- Affordability challenges are expected to persist.
- Supply chain challenges are expected to persist.
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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