Tri Pointe Q2 revenue down 22% to $685M; $196.8M Sumitomo charges drive $165.3M pretax loss

Tri Pointe Homes, Inc.

Home sales revenue $685.1M vs $879.8M YoY; deliveries 1,013 vs 1,326; ASP $676K vs $664K.
Pretax loss $165.3M vs $84.4M income; includes $196.8M Sumitomo Forestry transaction charges and $19.7M inventory impairments.
Adjusted pretax income $51.2M vs $84.4M; homebuilding gross margin 18.0% vs 20.8% (24.0% adjusted).
Net new orders 1,147 vs 1,131; backlog 1,494 homes ($1.1B) vs 1,520 ($1.2B); cancellation rate 11% vs 13%.
Liquidity $1.3B incl. $462.1M cash and $821.0M revolver; debt-to-capital 25.9%, net 16.9%.

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