Net orders in FQ4 of 1,556 homes were flat from a year ago, as are backlogs of 2,557 homes. Cancellation rate as a percentage of new orders is 36% vs. 35% a year ago.
2,038 homes delivered fell 4% from a year ago. Average selling price of $301k up 11%.
Operating income as a percentage of revenue up 490 basis points to 7.6%. Adjusted gross profit margin of 19.8% up from 15.1%.
"We enter the new fiscal year with a strong land portfolio that supports our plans for community count growth as the substantial investments we have made in land and land development convert to open communities."
CC at 11:30 ET
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