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Mar 31, 2024
Meritage Homes Q1 2024 Earnings Report
Meritage Homes reported first quarter results with record-high quarterly sales orders, a home closing gross margin of 25.8%, and a 43% increase in diluted EPS.
Key Takeaways
Meritage Homes reported a strong start to the year with record-high quarterly sales orders and a significant increase in diluted EPS. The company's performance was driven by a healthy supply of available inventory and strong market conditions.
Achieved highest quarterly sales orders due to an average absorption pace of 4.9 per month.
Delivered 3,507 homes, with nearly 50% coming from intra-quarter sales orders, resulting in a record backlog conversion rate of 138%.
Increased book value per share by 17% year-over-year to $129.98 and generated a return on equity of 18.0%.
Put nearly 6,300 net new lots under control, representing an estimated 43 future communities, and spent $430 million on land acquisition and development.
Meritage Homes
Meritage Homes
Meritage Homes Revenue by Segment
Meritage Homes Revenue by Geographic Location
Revenue by Segment
Homebuilding Revenue
CapyFin.comLand Closing Revenue
CapyFin.comRevenue by Geographic Location
West Region Revenue
CapyFin.comCentral Region Revenue
CapyFin.comEast Region Revenue
CapyFin.com Forward Guidance
The Company is providing the following updated guidance for full year 2024, based on first quarter 2024 results and current market conditions:
Positive Outlook
- Home closing volume: 14,500-15,000 units
- Home closing revenue: $6.0-6.2 billion
- Home closing gross margin: 24.5-25.0%
- Effective tax rate: Approximately 22.5%
- Diluted EPS: $19.20-20.70
Revenue & Expenses
Visualization of income flow from segment revenue to net income