Meritage 4th-Qtr Profit Flat, But Beats Estimates

Builder Online

Net earnings for the fourth quarter of 2016 were $51.8 million or $1.22 per diluted share, compared to $52.9 million or $1.26 per diluted share reported for the fourth quarter of 2015. Analysts were expecting a gain of $1.14 per share. A 15% increase in home closing revenue was partially offset by higher construction labor, land and development costs, as well as lower land closing profit, resulting in a 4% increase in total closing gross profit. A higher effective tax rate reduced net earnings in the fourth quarter of 2016 compared to 2015.

Read More