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More on Beazer FQ2: Net loss narrows but selling season starts slowly

  • Beazer Homes' (BZH) net loss narrows to $7.97M from $19.64M as reduced costs for construction and land sales help offset a sales drop.
  • However, new home orders -8.6% to 1,390, largely due to inclement weather and a slower-than-expected start to the spring selling season.
  • Total home closings -13% to 977, although average sales price from closings +7.5%.
  • Cancellation rate increases to 19.4% from 18.7%.
  • Home-building gross margin - excluding impairments and abandonments, as well as interest - grows to 19.7% from 15.9%.
  • Backlog from continuing operations drops to 2,163 homes from 2,211 a year earlier, although the sales value rises to $637.1M from $584.2M.
  • Expects adjusted EBITDA to grow by at least $45M. (PR)
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