Meritage Homes Q2 EPS $6.31, +26% YoY; home closings up 18% to 4,118

Meritage Homes CORP

2024-Q2 EPS reported $11.37

Net earnings $231.6M ($6.31 diluted EPS), up 26% YoY; revenue $1.69B, +10%.
Home closing gross margin improved 150 bps to 25.9% due to lower direct costs and shorter cycle times.
Orders up 14% to 3,799 units; average absorption pace 4.5/month vs 3.9 last year.
Issued $575M of 1.75% convertible notes due 2028; redeemed $250M of 2025 senior notes.
FY2024 guidance: diluted EPS $19.80-$21.00, closings 14,750-15,500 units.

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