Meritage Homes Q1 diluted EPS $5.79 (+68% YoY); home closing revenue $1.25B (+15%); gross margin 30.3% (+560 bps)

Meritage Homes CORP

2022-Q1 EPS reported $5.79

Net earnings $217.3M vs $131.8M a year ago; diluted EPS $5.79 vs $3.44.
Home orders 3,874 units (+12% YoY); average active communities up 32% to 268.
Home closing gross margin 30.3% (up 560 bps); SG&A leverage improved 130 bps to 8.5%.
Full-year 2022 guidance: 14,500-15,500 closings; diluted EPS $26.30-$27.90.
Repurchased ~1.04M shares for $99.3M in Q1; net debt-to-capital 16.9%.

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