The Market Has Beazer Homes Priced For The Chinese Housing Market
Joshua S. Hall • 11 Comments
Joshua S. Hall • 11 Comments
Beazer: Back In The Bargain Bin
Aug. 4, 2015, 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
Aug. 4, 2015, 6:31 AM
- Beazer Homes (NYSE:BZH): Q2 EPS of $0.38 beats by $0.03.
- Revenue of $429.44M (+21.1% Y/Y) misses by $16.95M.
Aug. 3, 2015, 5:30 PM
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Jun. 24, 2015, 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)
Jun. 15, 2015, 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)
May 27, 2015, 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)
Apr. 30, 2015, 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
Apr. 30, 2015, 6:32 AM
- Beazer Homes (NYSE:BZH): FQ2 EPS of -$0.08 beats by $0.06.
- Revenue of $299.35M (+10.9% Y/Y) beats by $5.79M.
Apr. 29, 2015, 5:30 PM
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Apr. 23, 2015, 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)
Apr. 21, 2015, 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
Mar. 5, 2015, 11:20 AM
- First-time homebuyer budgets (how much they're willing to spend) are up 24% vs. 2014, according to Bank of Montreal's (U.S.) homebuying report, and the expected down payment slips to 13% from 16% a year ago. 77% of those surveyed have made "lifestyle cutbacks" to save for a home vs. 72% in 2014.
- Turning to Texas and the effect of the energy crash, Susquehanna checks show the spring selling season is shaping up to be stronger than last year. The team visited entry-level offerings from D.R. Horton (NYSE:DHI), Pulte Group (NYSE:PHM), Lennar (NYSE:LEN), and Beazer (NYSE:BZH), and found things "surprisingly strong."
- The news supports management views of higher sales and margins, says Susquehanna, and many builders indicate price hikes of 3-5% in recent months given the strong demand. The team also notes getting a mortgage seems like less of an issue, labor is still tight, and rental costs are, in part, behind the boosted entry-level interest.
- ETFs: XHB, ITB
Feb. 23, 2015, 10:51 AM
- Existing home sales fell more than forecast in January, sliding to the lowest seasonally-adjusted annualized rate since April.
- Previously: Treasury yields head south following soft home sales report (Feb. 23)
- Compass Point throws in the towel on its Outperform calls on Standard Pacific (SPF -1.2%) and Beazer Homes (BZH -1.4%), downgrading both to Neutral.
- ETFs: ITB -0.7%, XHB -0.15%
- Toll Brothers (TOL -0.5%), Lennar (LEN -1%), Hovnanian (HOV -2.5%), PulteGroup (PHM -0.7%), Ryland (RYL -1.3%), D.R. Hoton (DHI -0.8%).
Jan. 30, 2015, 8:09 AM
- FQ1 adjusted net loss from operations of $4.5M vs. a loss of $3.9M a year ago.
- Company say it's on track to meet its 2B-10 objectives of $2B in revenue with a 10% adjusted EBITDA margin by the end of fiscal 2016. FQ1 homebuilding revenue was $261.6M down 9.8% from last year.
- New home orders of 966 up 7.9% Y/Y. Community count of 156 up from 138.
- Total closings of 885 down 14.7%. ASP of $295.6K up 5.8%.
- Homebuilding gross margin of 13.5% down 530 bps from a year ago, or 16.6% down 460 bps from a year ago, or 21.8% up 60 bps from a year ago, depending on what's being excluded from the calculation.
- Conference call at 9:30 ET
- Previously: Beazer Homes EPS of -$0.68 (Jan. 30)
- BZH flat premarket
Jan. 30, 2015, 6:32 AM
- Beazer Homes (NYSE:BZH): FQ1 EPS of -$0.68 may not be comparable to consensus of -$0.12.
- Revenue of $265.7M (-9.4% Y/Y) misses by $30.66M.
Jan. 29, 2015, 5:30 PM
Beazer Homes USA, Inc. designs, builds and sells single-family and multi-family homes in the United States. The company is geographically segmented as: West, East and Southeast regions. The West segment includes Arizona, California, Nevada and Texas regions. The East segment includes Indiana,... More
Sector: Industrial Goods
Industry: Residential Construction
Country: United States
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