Beazer Homes Q1 Loss Narrows

(RTTNews) - Beazer Homes USA Inc. (BZH) reported that its first-quarter net loss narrowed to $5.14 million or $0.21 per share, from $20.39 million or $0.84 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA for the quarter increased to $21.63 million from $7.74 million last year.

Home building revenue climbed 18.6 percent to $290.0 million. But, new home orders declined 4.0 percent to 895 units. Cancellation rates were 21.8 percent compared to 26.4 percent last year.

Total revenues for the quarter rose to $293.17 million from $246.90 million in the prior year quarter. Nine analysts had consensus revenue estimate of $281.55 million for the quarter.

"Higher sales per community, average sales prices and gross margins led us to improved adjusted EBITDA and kept us on track to achieve full year profitability for Fiscal 2014," said Allan Merrill, CEO of Beazer Homes.