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Jul. 31, 2014, 6:40 AM
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Jul. 25, 2014, 5:37 PM
Jul. 2, 2014, 10:25 AM
- Sterne Agee downgrades Beazer Homes (BZH -1.9%) to Neutral.
- Previously: American Homes 4 Rent purchases Beazer's rental homes unit
Jul. 1, 2014, 11:32 AM
- The deal adds 1.3K homes to American Homes 4 Rent's (AMH +0.6%) single-family portfolio. The purchases are located in Arizona, California, Florida, and Nevada.
- The purchase was completed through a tax-free merger of Beazer Pre-Owned Rental Homes with a newly formed subsidiary of AMH, paid for with 8.2M shares of AMH.
- Beazer (BZH) itself held about a 15% equity interest in the rental unit.
- Source: Press release
Jun. 27, 2014, 5:36 PM
May. 30, 2014, 5:36 PM
May. 28, 2014, 3:01 PM
- Jay McCanless and Annie Worthman at Sterne Agee say without the benefit of a lower tax rate other non-operating boosts, Toll Brothers (TOL +2.1%) would have missed the team's EPS estimate of $0.31 per share. They continue to rate the stock an Underperform with $28 price target.
- The bullish team at MKM Partners note Toll "essentially raised" guidance by boosting the low end of its average expected sale price this year to $690K from $675K. "Given the company’s long build cycle, we suspect that the higher guidance is likely more of a statement on the anticipated mix of closings rather than a signal that prices are being raised more aggressively."
- Amid the big gain by Toll and sharply lower interest rates, some other builders: Hovnanian (HOV +1.7%), Beazer Homes (BZH +1.4%), KB Home (KBH +0.8%), Lennar (LEN +0.2%), PulteGroup (PHM), D.R. Horton (DHI +1.2%).
- ETFs: XHB, ITB, PKB
- Previously: High home prices boost Toll results
- Previously: Toll Brothers beats by $0.09, beats on revenue
May. 2, 2014, 9:43 AM
- Beazer Homes (BZH +2.2%) tacks a bit more onto yesterday's big post-earnings gain as Compass Point's Wilkes Graham upgrades to a Buy with $25 price target. He notes the stock is still down 20% YTD after Thursday's 4%+ gain despite continued solid progress on its "2B-10" plan - $2B in sales and 10% EBITDA margins.
- "With BZH currently trading well under book (73% of our 2015 tangible book estimate of $27.08, including about $13/share in DTA), we believe the stock is very cheap relative to its peers and warrants investor attention."
May. 1, 2014, 3:03 PM
- Similar to most other homebuilders, M.D.C. Holdings (MDC +3.8%) and Beazer Homes (BZH +4.2%) both reported sizable drops in order and closings volume for the quarter ended March 31, but also showed boosts in average sales prices more than offsetting the volume declines.
- Amid difficult credit and construction cost issues, as well as tough competition for building lots, homebuilders have been focusing on higher prices, but at some point the loss of customers will be too great.
- Given that, D.R. Horton's (DHI +2.2%) introduction of Express Homes "targeted at the true entry level buyer" will be an experiment worth paying attention to. Getting young buyers to compromise on location and buy a relatively inexpensive home is one thing, but getting them past the high barrier today to get a mortgage will be another.
- Previously: M.D.C. Holdings, Inc. beats by $0.14, misses on revenue
- Previously: More on Beazer FQ2: Net loss narrows but selling season starts slowly
- ITB +0.7%, XHB +0.7%
May. 1, 2014, 9:28 AM
- 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)
May. 1, 2014, 6:45 AM| Comment!
Apr. 30, 2014, 5:30 PM
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Apr. 23, 2014, 10:19 AM
- The seasonally adjusted new home sales pace of 384K in March is 14.5% below that of February and 13.3% lower than a year ago. It's the slowest pace since July, and 14.5% is the 3rd-largest decline in 20 years. The median sales price of $290K is up 12.6% Y/Y. The supply of new homes on the market is 6 months at the current sales pace, up from 5 months in February.
- Homebuilder ETFs: ITB -1.7%, XHB -1.2%.
- Toll Brothers (TOL -1.6%), Lennar (LEN -1.9%), Hovnanian (HOV -1.5%), Pulte (PHM -1.6%), KB Home (KBH -3.3%), Beazer (BZH -2.4%), Ryland (RYL -2.6%)
- The 10-year Treasury yield dips two basis points to 2.69%. TLT +0.4%, TBT -0.8%
- Full report
Apr. 3, 2014, 9:20 AM
- Beazer Homes' (BZH) net new orders -9% in FQ2 to 1,390.
- Closings -13% to 977.
- Backlog -2% to 2,163.
- Beazer's West segment suffered the largest declines, while the severe winter weather also hit the company's performance in the East.
- Unrestricted cash balance as of March 31 $285-315M.
- Beazer remains optimistic about the 2014 spring selling season, says CEO Allan Merrill. "The new-home market continues to benefit from gradual improvements in the labor market, limited home inventories and generally favorable affordability metrics," Merrill says.
- The company expects to generate net income in fiscal 2014.
- Shares are -1.9%. (PR)
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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