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
Thu, Mar. 5, 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
Mon, Feb. 23, 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%).
Fri, Jan. 30, 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
Fri, Jan. 30, 6:32 AM
Thu, Jan. 29, 5:30 PM
Thu, Jan. 29, 10:18 AM
- Both PulteGroup (PHM +5.3%) and Ryland (RYL +3.8%) beat earnings estimates, with Ryland's gross margins nicely higher, but Pulte's slimming some.
- Pending home sales unexpectedly cooled in December, but Y/Y comps are starting to get easier, and the 11.7% Y/Y gain was the highest since June 2013.
- ETFs: ITB +2.2%, XHB +1.3%
- Toll Brothers (TOL +3%), Hovnanian (HOV +2.1%), Lennar (LEN +2.9%), D.R. Horton (DHI +3.6%), KB Home (KBH +4.9%), Beazer Homes (BZH +2.9%).
- Previously: PulteGroup edges higher after earnings beat (Jan. 29)
- Previously: Ryland selling prices and margins rise from last year (Jan. 29)
- Previously: Pending home sales unexpectedly drop (Jan. 29)
Wed, Jan. 7, 6:35 AM
Dec. 10, 2014, 3:53 PM
- "Why 2014 was a pause and flat to 2013 and not improving has been a bit puzzling," says Toll Brothers (TOL -7.6%) management on the earnings call.
- Asked about the impact of tumbling energy prices on markets like Dallas and Houston, management says the company's exposure there is small, with Houston accounting for 3.7% of signed contracts.
- Overall, Toll expects the housing recovery to be "bumpy," and that demand will truly return when buyers no longer fear price drops.
- Previously: Toll Brothers slips on FQ4 miss (Dec. 10, 2014)
- It's a different story (at least for the stock price) with Hovanian (HOV +5.9%) after its earning report today. Management: "It's an understatement to say that the past 12 months have been choppy ... Given the gains we've seen in employment, we would have expected stronger home sales."
- Previously: Hovnanian pops as fiscal 2015 starts off strong (Dec. 10, 2014)
- Other builders today: Ryland (RYL -5.1%), Lennar (LEN -5.3%), Beazer (BZH -5.1%), Pulte (PHM -3.5%), KB Home (KBH -5.1%).
- ETFs: ITB -3.4%, XHB -2.5%
Nov. 12, 2014, 5:36 PM
Nov. 12, 2014, 7:56 AM
- FQ4 new home orders of 1,173 down 1.6% Y/Y. Average active community count of 149 up 10.4%. Cancellation rate of 23.4% down 50 bps. Total home closings of 1,695 up 2.3%
- ASP of $295.4K up 12.2%. Homebuilding gross margin excluding items of 22.3% up 90 bps.
- Management expects to hit its "2B-10" objectives - $2B in revenue and a 10% adjusted EBITDA margin leading to $200M in adjusted EBITDA - by the end of 2016. For fiscal 2014, adjusted EBITDA was $133.2M vs. $86.3M in 2013.
- Conference call at 10 ET
- Previously: Beazer Homes EPS of $1.90
- BZH +4.2% premarket
Nov. 12, 2014, 7:16 AM
BZH vs. ETF Alternatives
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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