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Sep 30, 2024
Beazer Homes Q4 2024 Earnings Report
Reported strong fourth quarter and full year results, driven by revenue growth and community expansion, despite a challenging operating environment.
Key Takeaways
Beazer Homes reported a net income of $52.1 million, or $1.69 per diluted share, and adjusted EBITDA of $93.1 million for the fourth quarter of fiscal year 2024. Revenue increased by 22.1% year-over-year to $783.8 million, driven by a 21.3% increase in home closings and a 0.7% increase in ASP. The company ended the year with 162 active communities, up 20.9% year-over-year.
Net income from continuing operations was $52.1 million, with diluted earnings per share of $1.69.
Adjusted EBITDA increased by 3.5% to $93.1 million.
Homebuilding revenue rose by 22.1% to $783.8 million, supported by a 21.3% increase in home closings.
Net new orders increased by 2.6% to 1,029, driven by an 18.0% increase in average active community count.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Beazer Homes expects further expansion of community count to lead to growth in revenue and double-digit return on capital employed for the full year fiscal 2025.
Positive Outlook
- Further expansion of community count is expected.
- Revenue growth is anticipated.
- Double-digit return on capital employed is expected.
- October sales grew more than 30% versus the prior year.
- Confident in ability to achieve Multi-Year Goals.
Challenges Ahead
- Higher mortgage rates.
- Challenging operating environment for much of the period.
- Backlog dollar value decreased 10.1% year-over-year.
- Backlog units decreased 13.4% year-over-year.
- Homebuilding gross margin was down 400 basis points year-over-year.
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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