Smith Douglas Q2 EPS falls to $0.03 from $0.26; gross margin drops to 17.6%

Smith Douglas Homes Corp.

Home closings up 25% to 839; revenue up 22% to $273.0M.
Pretax income $1.9M includes $7.6M impairment/abandonment charges vs $17.2M a year ago.
Net new home orders up 32% to 970; backlog homes up 17% to 1,000.
Active communities up 20% to 110; total controlled lots 23,527.
Repurchased 312,351 shares for $4.4M; debt-to-book cap 13.2%.

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