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.
About author
You might also like
Taylor Morrison Homes Beats Earnings Estimates
By Mike Sunnucks Scottsdale-based Taylor Morrison Homes Corp. (NYSE: TMHC) reported earnings of 63 cents per share — 65 cents per share when not including certain charges — in the
Developers Build on Home Rental Success With Whole Communities
Property developers are pouncing on sustained demand for stand-alone home rentals by taking a big step: Building entire single-family neighborhoods designed for renters. When the housing market crashed, investors took
Brandywine Homes Closes 116 New Homes, Opens Seven Communities, Breaks Ground on Four New Neighborhoods in 2016
Brandywine Homes, a pioneer of infill development in Southern California, closed 116 homes, opened seven new communities and broke ground on four new communities in Southern California in 2016. The
