Beazer Homes USA Loss Reduces In Q2; Backs FY14 Net Profit View - Quick Facts

(RTTNews) - Beazer Homes USA Inc. (BZH) Thursday posted a narrower second-quarter net loss of $7.97 million, or $0.31 a share, as against a loss of $19.64 million, or $0.80 a share, last year. On average, 10 analysts polled by Thomson Reuters expected loss per share of $0.20 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue for the second quarter of $270.0 million, was lower than the prior-year figure of $287.9 million, while 9 analysts estimated revenues of $292.87 million.

"Despite inclement weather and a slower start to the spring selling season than anticipated, we made further progress on our operational and financial objectives during the quarter," said Allan Merrill, President and CEO of Beazer Homes. He continued, "We exceeded our expectations for sales per community, increased gross margins, improved Adjusted EBITDA and invested heavily for our long-term growth. These results allow us to reaffirm our confidence in delivering full year profitability in Fiscal 2014 and in making substantial progress on our multi-year "2B-10" target this year."

In addition, the firm plans to update its fiscal 2014 expectations for several operational and financial metrics, including increasing the company's guidance for year-over-year growth in adjusted EBITDA. Growth in adjusted EBITDA is now expected to be of at least $45 million, compared with fiscal 2013.