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)
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
Oct. 31, 2014, 5:39 PM
Aug. 15, 2014, 9:47 AM
- Outliers to the upside among the homebuilders in early action are WCI Communities (WCIC +3.2%) and Beazer Homes (BZH +1.9%) after upgrades from Citigroup.
- Ringing the register on its Sell call on Beazer after a 27% YTD decline in the stock, Citi upgrades to Neutral. WCI is boosted to Buy from Neutral
Aug. 14, 2014, 5:35 PM
Aug. 8, 2014, 5:40 PM
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
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%
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
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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