Seeking Alpha

CA homebuilder higher after Q2 results

  • New Home (NWHM +1.1%) Q2 home deliveries of 87 (including 74 from fee building projects) vs. 84 (62 from fee building projects) a year ago.
  • Average sales price of $739K up from $389K thanks to a change in product mix. Company expects this metric to continue to fluctuate based on the product mix and introduction of new communities.
  • Homebuilding gross margin of 17.6% up 60 basis points.
  • New home orders of 23 down from 27. Backlog of 25 homes and $39.6M of value vs. 35 homes and $17.8M of value.
  • Previously: New Home misses by $0.08, beats on revenue
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