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Sep 30, 2023
Beazer Homes Q4 2023 Earnings Report
Strong fourth quarter results were achieved through community count growth, improved backlog conversion, and higher gross margins.
Key Takeaways
Beazer Homes reported strong fourth quarter results with growth in community count, improved backlog conversion, and higher gross margins. Net income was $56 million, Adjusted EBITDA was $90 million, and earnings per diluted share were $1.80.
Net income from continuing operations was $55.8 million, or $1.80 per diluted share.
Adjusted EBITDA was $90.0 million, down 37.2%.
Homebuilding revenue was $641.8 million, down 22.2% on a 23.7% decrease in home closings, partially offset by a 1.9% increase in average selling price.
Net new orders increased 42.5% to 1,003, driven by a 34.8% increase in orders per community per month and a 5.7% increase in average community count.
Beazer Homes
Beazer Homes
Forward Guidance
We remain confident in the multi-year outlook for our Company and industry. Powerful demographic trends and a persistent undersupply of homes should continue to provide support for new home sales. With a dedicated operating team, a growing community count and a more efficient and less leveraged balance sheet, we have the resources to create durable value for our stakeholders in the years ahead.