Wed, Nov. 11, 12:31 PM
- Yesterday's earnings beat and big move higher from D.R. Horton (NYSE:DHI) spread through the entire sector, and today is seeing plenty of follow-through, with DHI up another 3.2%.
- Reporting on the UBS conference today, the WSJ's Kris Hudson says Toll Brothers CEO Doug Yearly sounds coy about the upcoming spring selling period, telling attendees he's not pessimistic, but doesn't yet see an impetus pointing to a great season.
- Of supposed slowing of international buying on the West Coast: "We haven't yet personally seen any negative impact."
- ITB +1.75%, XHB +0.9%
- Hovnanian (HOV +5.6%), PulteGroup (PHM +1.3%), Lennar (LEN +2.3%), KB Home (KBH +2.5%), Beazer (BZH +5.9%)
- Previously: More on D.R. Horton's FQ4 beat (Nov. 10)
Tue, Nov. 10, 7:14 AM
- FQ4 income from continuing operations of $354.5M or $11.16 per share vs. $60.3M and $1.90 one year ago. This year's result was boosted by a $324.6M tax benefit thanks to the company's DTA. Income from continuing operations of $30.7M vs. $20.3M a year ago.
- New home orders of 1,170 slipped from 1,173 a year ago. Orders per community of 2.4 down from 2.6. Cancellation rate of 24.2% up 80 basis points.
- Total home closings of 1,896 up 11.9% Y/Y. ASP of $322.6K up 9.2%. Homebuilding revenue of $611.7M up 22.2%. Homebuilding gross margin of 17.5% down 70 basis points.
- Conference call at 11 ET
- Previously: Beazer Homes beats by $10.27, misses on revenue (Nov. 10)
- BZH flat premarket
Tue, Nov. 10, 6:35 AM
Mon, Nov. 9, 5:30 PM
Mon, Oct. 19, 9:27 AM
- Noting the company's above-average exposure to homebuyers who rely on credit due to its sector-low average price point, a small market cap, and large exposure to favorable markets (South and West), analyst Wilkes Graham upgrades Beazer Homes (NYSE:BZH) to Buy from Neutral.
- The $16.50 price target is 15% above Friday's close.
- Beazer has lost about one-third of its value since late June.
Tue, Aug. 4, 7:38 AM
- FQ3 net income of $12.2M or $0.38 per share vs. a loss of $13.2M and $0.50 one year ago.
- New home orders of 1,524 up 18.1% Y/Y. Orders per month per community of 3.1 unchanged. Community count at quarter end of 168 vs. 142. Cancellation rate of 196% down 140 basis points.
- Total closings of 1,293 up 4.2%. ASP of $318K up 11.7%.
- Homebuilding gross profit margin excluding impairments and abandonments of 18.% down 190 basis points.
- Backlog of 2,764 homes worth $899M up 25% in homes and 35.6% in value from a year ago. ASP in backlog of $325.3K up 8.5%.
- Conference call at 10 ET
- Previously: Beazer Homes beats by $0.03, misses on revenue (Aug. 4)
- BZH flat premarket
Tue, Aug. 4, 6:31 AM
Mon, Aug. 3, 5:30 PM
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Wed, Jun. 24, 9:47 AM
- Lennar is up 4.5% after blowing through estimates, including posting gross and operating margins ahead of previous guidance.
- ITB +1.3%, XHB +0.7%
- Toll Brothers (TOL +1.7%), Ryland (RYL +0.7%), KB Home (KBH +1.5%), Pulte (PHM +2%), D.R. Horton (DHI +1.7%), Hovnanian (HOV +1.5%), Beazer (BZH +1.6%).
- Previously: Lennar in high cotton in FQ2, up 4.7% post-earnings (June 24)
- Previously: Lennar beats by $0.15, beats on revenue (June 24)
Mon, Jun. 15, 9:44 AM
- Zigging higher while the rest of the market zags sharply lower are the homebuilders following this weekend's merger of Ryland Homes and Standard Pacific.
- While there have been a number of smaller deals over the past year, this one is more sizable, setting off hope of a broader - and necessary, according to some - consolidation in the fragmented sector.
- Lennar (LEN +1.9%), Toll Brothers (TOL +1.4%), M.D.C. Holdings (MDC +2.3%), M/I Homes (MHO -0.5%), NVR (NVR), D.R. Horton (DHI +1.5%), KB Home (KBH +0.7%), Beazer Homes (BZH +1.2%), PulteGroup (PHM +1.6%), Hovnanian (HOV flat)
- Previously: Industry eyes Ryland/Standard Pacific merger (June 15)
Wed, May 27, 10:43 AM
- Toll Brothers (TOL -2.8%) managed to beat on the bottom line thanks to lower income taxes, but revenues actually fell from a year ago, while SG&A expense as a percent of revenue climbed 50 bps to 12.6%.
- Hovnanian (HOV -0.8%), Lennar (LEN -0.9%), Ryland (RYL -0.7%), Beazer (BZH -1%), Pulte (PHM -1.1%), D.R. Horton (DHI -1.1%)
- ETFs: ITB, XHB
- Previously: Toll Brothers reports mixed FQ2; early Q3 returns mixed as well (May 27)
- Previously: Toll Brothers beats by $0.02, misses on revenue (May 27)
Thu, Apr. 30, 7:25 AM
- Q1 net loss of $2.1M or $0.08 per share vs. a loss of $8.2M and $0.32 one year ago. Adjusted EBITDA of $129.1M up 24.7% - company expects $20M improvement this year.
- New home orders of 1,698 up 22.2% Y/Y. 3.5 sales per community per month vs. 3.3 a year ago.
- Cancellation rates of 16.7% vs. 19.4%.
- Total closings of 936 vs. 977. ASP for closings of $305.8K up 12.3%.
- Homebuilding revenue of $286.2M up 7.6%. Homebuilding gross margin of 18.3% down 140 basis points; excluding I&A and interest amortized to cost of sales, margin of 21.7% down 80 bps.
- Backlog of 2,533 homes valued at $814.1M, up 27.8%.
- Earnings call at 10 ET
- Previously: Beazer Homes beats by $0.06, beats on revenue (April 30)
- BZH flat premarket
Thu, Apr. 30, 6:32 AM
Wed, Apr. 29, 5:30 PM
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Thu, Apr. 23, 10:17 AM
- PulteGroup earlier reported disappointing results which included slimming margins and muted price gains. The stock is lower by 8% in morning action.
- Minutes ago, HUD reported a far larger-than-expected slowdown in new home sales in March - with the South leading the retreat (gotta be the weather?).
- Toll Brothers (TOL -2.3%), Hovnanian (HOV -1.2%), Lennar (LEN -2.1%), Ryland (RYL -3%), D.R. Horton (DHI -3.4%), KB Home (KBH -3.5%), Beazer Homes (BZH -3%), Standard Pacific (SPF -2.8%).
- Previously: PulteGroup -7.8% as Q1 results disappoint (April 23)
- Previously: South leads big decline in new home sales (April 23)
Tue, Apr. 21, 3:54 PM
- The REITs are down about 8% from their January highs while the homebuilders have posted gains, bringing the ratio of homebuilders to REITs to long-term resistance, says MKM Partners' Jonathan Krinsky, who suggests fading the move.
- Most vulnerable to tactical pullbacks are those homebuilders/suppliers showing the weakest relative strength: Beazer Homes (NYSE:BZH), Lennar (NYSE:LEN), Louisiana-Pacific (NYSE:LPX), Taylor Morrisn (NYSE:TMHC), Toll Brothers (NYSE:TOL), and TRI Pointe Homes (NYSE:TPH).
- The best long REIT ideas are those showing the best relative strength: AvalonBay (NYSE:AVB), Crown Castle (NYSE:CCI), Essex Property (NYSE:ESS), Extra Space Storage (NYSE:EXR), Federal Realty (NYSE:FRT), General Growth (NYSE:GGP), SL Green (NYSE:SLG), and UDR.
- Those REITs showing poor relative strength or to be avoided or sold: American Tower (NYSE:AMT), American Realty Capital (NASDAQ:ARCP), Brixmor (NYSE:BRX), Host Hotels (NYSE:HST), and Omega Healthcare (NYSE:OHI).
- Source: Barron's
Beazer Homes USA Inc is a homebuilder with active operations in 16 states within three geographic regions in the United States: West, East and Southeast. It designs, sells and builds single-family and multi-family homes.
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