Meritage Homes Q1 2025: EPS $1.69 (-33% YoY), revenue down 8%, gross margin 22.0%

Meritage Homes CORP

2025-Q1 EPS reported $1.69

Diluted EPS $1.69 vs $2.53 Q1 2024; net earnings $123M, down 34% YoY.
Home closing revenue $1.34B (-8% YoY); 3,416 closings (-3%) at ASP $393K (-6%).
Home closing gross margin 22.0%, down 380 bps from 25.8% due to incentives and higher lot costs.
Issued $500M of 5.650% senior notes due 2035; net debt-to-capital 13.7% vs 11.7% Q4 2024.
Reiterated FY2025 guidance: 16,250-16,750 closings, revenue $6.6-6.9B.

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