Meritage Q2 EPS $5.02, down 26% YoY; home closing revenue $1.54B up 10%; orders decline 11%

Meritage Homes CORP

2023-Q2 EPS reported $8.56

Net earnings $186.8M ($5.02 diluted EPS) vs $250.1M ($6.77) in Q2 2022, a 25% decrease.
Home closing revenue rose 10% to $1.543B on 8% more closings (3,490 units); ASP on closings up 1% to $442K.
Home closing gross margin contracted 720 bps to 24.4% from 31.6% due to greater sales incentives and higher direct costs.
Home orders fell 11% to 3,340 units; average absorption pace 3.9 per month vs 4.4 a year ago.
Full-year 2023 guidance: 13,300-13,800 closings, home closing revenue $5.85-6.07B, diluted EPS $19.12-19.80.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.97

Meritage Homes CORP reported quarterly period ended June 30, 2023 results: revenue $1,543,021, net income $186,836, EPS $5.02.

Period: quarterly period ended June 30, 2023
Revenue: $1,543,021
Net income: $186,836
EPS: $5.02
Result: reported results

Exact text from the filing

share amounts) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 % Chg 2023 2022 % Chg Homes closed (units) 3,490 3,221 8 % 6,387 6,079 5 % Home closing revenue $ 1,543,021 $ 1,408,947 10 % $ 2,804,944 $ 2,654,403 6 % Average sales price — closings $ 442 $ 437 1 % $ 439 $ 437 — % Home orders (units) 3,340 3,767 (11) % 6,827 7,641 (11) % Home order

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Earnings Releases SEC 8-K Item 2.02 confidence 0.97

Meritage Homes CORP reported six months ended June 30, 2023 results: revenue $2,804,944, net income $318,137, EPS $8.56.

Period: six months ended June 30, 2023
Revenue: $2,804,944
Net income: $318,137
EPS: $8.56
Result: reported results

Exact text from the filing

Ended June 30, Six Months Ended June 30, 2023 2022 % Chg 2023 2022 % Chg Homes closed (units) 3,490 3,221 8 % 6,387 6,079 5 % Home closing revenue $ 1,543,021 $ 1,408,947 10 % $ 2,804,944 $ 2,654,403 6 % Average sales price — closings $ 442 $ 437 1 % $ 439 $ 437 — % Home orders (units) 3,340 3,767 (11) % 6,827 7,641 (11) % Home order value $ 1,474,713 $ 1,809,870

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Earnings Releases SEC 8-K Item 2.02 confidence 0.96

Meritage Homes CORP reported full year 2023 results: revenue $5.85-6.07 billion, EPS $19.12-19.80. Guidance raised.

Period: full year 2023
Revenue: $5.85-6.07 billion
EPS: $19.12-19.80
Guidance: raised
Result: guidance update

Exact text from the filing

we are projecting 13,300-13,800 home closings for full year 2023, which we anticipate will generate home closing revenue of $5.85-6.07 billion. Home closing gross margin is projected to be in the low 24% range. With an estimated effective tax rate of 22.5%, we expect diluted EPS to be in the range of $19.12-19.80 for full year 2023

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Source: SEC EDGAR

accession 0000833079-23-000127

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