Meritage Homes Q1 Profit Surges

(RTTNews) - Meritage Homes Corp. (MTH) Thursday announced 28 percent increase in first quarter net earnings to $20.969 million from $16.40 million in the prior year. On a per share basis, earnings increased 25 percent to $0.50 from $0.40 last year.

On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.44 per share. Analysts estimates usually exclude special items.

Home closing revenue climbed 15 percent to $595.62 million from $517.273 million in the previous year. Wall Street was looking for revenue of $546.56 million.

The company has recorded 11 percent increase in closed home units to 1,488 from 1,335 a year ago. Ending backlog value increased 21 percent in comparison with the prior year. Average sales price rose two percent to $405 thousand from $396 thousand in the previous year.