Meritage Homes reports record Q4 EPS $7.09, but orders plunge 46% YoY with 39% cancellation rate

Meritage Homes CORP

2022-FY EPS reported $26.74

Q4 GAAP diluted EPS $7.09, up 13% YoY; full year EPS $26.74, up 39% YoY.
Home closing revenue $2.0B (+32% YoY) on 4,540 closings (+29%); ASP $437K (+3%).
Q4 home orders 1,808 units (-46% YoY); cancellation rate 39% as company validated backlog.
Home closing gross margin 25.2% (adj. 25.7%) vs 29.0% (adj. 29.2%) a year ago.
Cash $861.6M; net debt-to-capital 6.8%; repurchased 1.17M shares ($109.3M) in FY 2022.

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