Meritage Homes Q1 net earnings down 40% to $131M; EPS $3.54 vs $5.79

Meritage Homes CORP

2023-Q1 EPS reported $3.54

Home closing revenue $1.26B (+1% YoY); home closing gross margin fell 790 bps to 22.4%.
Home orders 3,487 units (-10% YoY); cancellation rate improved to 15% from 39% in Q4 2022.
Balance sheet strong: cash $957M, net debt-to-capital 4.5%; initiated $0.27/share dividend.
Backlog units down 41% to 3,922; average active communities rose to 274.5 from 263.5.
Effective tax rate 20.6% benefited from earned energy tax credits under Inflation Reduction Act.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

Meritage Homes CORP reported first quarter ended March 31, 2023 results: revenue $1,261,923, net income $131,301, EPS $3.54 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $1,261,923
Net income: $131,301
EPS: $3.54 per diluted share
Result: reported results

Exact text from the filing

Results (unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2023 2022 % Chg Homes closed (units) 2,897 2,858 1 % Home closing revenue $ 1,261,923 $ 1,245,456 1 % Average sales price — closings $ 436 $ 436 — % Home orders (units) 3,487 3,874 (10) % Home order value $ 1,506,893 $ 1,767,710 (15) % Average sales price — orders

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Source: SEC EDGAR

accession 0000833079-23-000092

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