Anzeige
Mehr »
Login
Freitag, 29.03.2024 Börsentäglich über 12.000 News von 687 internationalen Medien

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
Marketwired
12 Leser
Artikel bewerten:
(0)

Meritage Homes Reports First Quarter 2016 Diluted EPS of $0.50, a 28% Increase in Net Earnings, With a 15% Increase in Home Closing Revenue and a 21% Increase in Ending Backlog Value

SCOTTSDALE, AZ--(Marketwired - April 28, 2016) - Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, announced today first quarter results for the period ended March 31, 2016.

Summary Operating Results (unaudited)                    
              (Dollars in thousands, except per share amounts)              
                                                                            
                                              Three Months Ended March 31,  
                                               2016       2015       %Chg   
                                            ---------- ---------- ----------
Homes closed (units)                             1,488      1,335        11%
Home closing revenue                        $  595,617 $  517,273        15%
Average sales price - closings              $      400 $      387         3%
Home orders (units)                              1,987      1,979         0%
Home order value                            $  804,600 $  782,812         3%
Average sales price - orders                $      405 $      396         2%
Ending backlog (units)                           3,191      2,758        16%
Ending backlog value                        $1,346,664 $1,111,991        21%
Average sales price - backlog               $      422 $      403         5%
Net earnings                                $   20,969 $   16,400        28%
Diluted EPS                                 $     0.50 $     0.40        25%
                                                                            

MANAGEMENT COMMENTS

"We were pleased with our results for the first quarter, including first quarter net earnings growth of 28%, which reflected an 11% increase in home closings, a 15% increase in home closing revenue, improved overhead leverage and tax credits earned for our energy efficient homes," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "Based on our first quarter closings volume, we are confident we'll achieve our projected 7,000-7,500 total closings in 2016, driving substantial revenue and earnings growth for the year.

"The housing market has remained healthy and we continue to experience solid demand overall," said Mr. Hilton. "Orders of 1,987 homes in the first quarter of 2016 were in line with last year's first quarter due to the early sell-out of some very successful communities, a slower sales pace in Houston and an intentional metering of order flow in northern California and Colorado.

"Our East region delivered 10% order growth over the first quarter of 2015, as we continue to expand and develop that region. We also grew our total orders in Texas by 6%, despite rising home prices in most Texas markets and the impact of weak energy prices on the Houston market. First quarter orders in the West region were down 11% from last year, as demand eased after a year of strong growth in 2015, though our West region sales pace remained the highest in the company.

"We are still facing the challenges of high land and labor costs, although the rate of inflation has slowed," Mr. Hilton explained, "Part of our strategy to address those challenges is to develop communities with higher densities at lower price points, which we are doing across many of our markets, targeting the same or better net margins.

He continued, "Based on the demand we are experiencing on the ground and in line with our market research, we continue to invest in new communities, putting approximately 2,400 new lots under control during the first quarter and ending the quarter with approximately 28,400 total lots owned or controlled."

Mr. Hilton concluded, "Considering our increased home closing revenue during our first quarter and a 21% higher ending backlog value at the end of the quarter, we are confident that we'll achieve revenue and earnings growth in 2016, despite the margin compression we've experienced over the last year. We were pleased that Moody's Investors Service recently upgraded their corporate ratings for Meritage Homes' notes due to positive momentum in our financial performance over the past several quarters."

FIRST QUARTER RESULTS

  • Net earnings of $21.0 million ($0.50 per diluted share) for the first quarter of 2016, compared to prior year net earnings of $16.4 million ($0.40 per diluted share), primarily reflects higher home closing revenues, greater overhead leverage and the benefit of energy tax credits that reduced the company's effective tax rate.
  • Home closing revenue increased 15% due to an 11% increase in home closings combined with a 3% increase in average price over the prior year period. The West region (California, Colorado and Arizona) led with a 26% increase in home closing revenue over the first quarter of 2015, followed by 11% growth in the East region (Florida, Georgia, the Carolinas and Tennessee) and 5% in the Central region (Texas).
  • Home closing gross margin was 17.4% for the first quarter of 2016 compared to 18.5% in the first quarter of 2015, primarily reflecting higher land and labor costs, as well as a high volume of closings from a limited number of under-performing communities within Arizona and southern California, where management is strategically working through its remaining inventory.
  • Commissions and other sales costs totaled 7.8% of home closing revenue in the first quarter of 2016, compared to 8.0% in the first quarter of 2015, reflecting greater leverage of non-commission selling expenses.
  • General and administrative expenses for the first quarter of 2016 also benefited from improved leverage on higher revenue, and decreased 70 basis points to 5.0% of total closing revenue in 2016, compared to 5.7% in 2015.
  • First quarter effective tax rate declined to 27% in 2016 from 35% in the first quarter of 2015 and management's projected 32% for the full year, due to energy tax credits captured on energy-efficient homes closed in prior periods. The lower than expected tax rate had a net impact of approximately $0.03 per diluted share.
  • First quarter 2016 orders for homes were consistent with 2015 and total order value increased 3% year over year. The total value of homes ordered increased 17% in Texas and 7% in the East, partially offset by a 7% decline in the West. The largest increases outside of Texas came from Georgia, with a 45% increase in total order value, North Carolina, with a 25% increase and South Carolina, with a 16% increase in total order value, while Florida and California were off by 15% from the first quarter of 2015 due to successful early closeouts of high-absorption communities.
  • Total active community count was 243 at March 31, 2016, a 6% increase over the 229 reported as of March 31, 2015. Average orders per community were 8.0 for the first quarter of 2016, compared to 8.6 in 2015.

BALANCE SHEET

  • Cash and cash equivalents at March 31, 2016, totaled $172.2 million, compared to $262.2 million at December 31, 2015, primarily reflecting investments in real estate to replace lots and position the company for future growth.
  • Real estate assets increased by $120.9 million for the first quarter, ending at $2.22 billion at March 31, 2016, compared to $2.10 billion at December 31, 2015.
  • Meritage ended the first quarter of 2016 with approximately 28,400 total lots under control, compared to approximately 29,300 total lots at March 31, 2015 and 27,800 at year-end 2015.
  • Net debt-to-capital ratio at March 31, 2016 was 42.4%, compared to 40.4% at December 31, 2015, due to the use of cash for land and development, and a growing inventory of homes under construction during the first quarter of 2016.

CONFERENCE CALL

Management will host a conference call today to discuss the Company's results at 10:30 a.m. Eastern Time (7:30 a.m. Arizona Time). The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's web site at http://investors.meritagehomes.com. Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.

Conference Call registration link: http://dpregister.com/10083245.

Telephone participants who are unable to pre-register may dial in to 866-226-4948 on the day of the call. International dial-in number is 1-412-902-4125 or 1-855-669-9657 for Canada.

A replay of the call will be available until May 12, 2016, beginning at approximately 12:30 p.m. ET on April 28 on the website noted above, or by dialing 877-344-7529, 1-412-317-0088 for international or 1-855-669-9658 for Canada, and referencing conference number 10083245.

Meritage Homes Corporation and Subsidiaries                 
                       Consolidated Income Statements                       
                                (Unaudited)                                 
                   (In thousands, except per share data)                    
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                        2016        2015    
                                                     ----------- -----------
Homebuilding:                                                               
  Home closing revenue                               $  595,617  $  517,273 
  Land closing revenue                                    2,149       1,439 
                                                     ----------- -----------
    Total closing revenue                               597,766     518,712 
                                                     ----------- -----------
  Cost of home closings                                (492,270)   (421,786)
  Cost of land closings                                  (1,700)     (1,285)
                                                     ----------- -----------
    Total cost of closings                             (493,970)   (423,071)
                                                     ----------- -----------
  Home closing gross profit                             103,347      95,487 
  Land closing gross profit                                 449         154 
                                                     ----------- -----------
    Total closing gross profit                          103,796      95,641 
Financial Services:                                                         
  Revenue                                                 2,500       2,535 
  Expense                                                (1,246)     (1,299)
  Earnings from financial services unconsolidated                           
   entities and other, net                                2,792       2,544 
                                                     ----------- -----------
    Financial services profit                             4,046       3,780 
                                                     ----------- -----------
Commissions and other sales costs                       (46,177)    (41,612)
General and administrative expenses                     (29,618)    (29,650)
Loss from other unconsolidated entities, net               (157)       (123)
Interest expense                                         (3,288)     (3,154)
Other income/(loss), net                                    283         415 
                                                     ----------- -----------
Earnings before income taxes                             28,885      25,297 
Provision for income taxes                               (7,916)     (8,897)
                                                     ----------- -----------
Net earnings                                         $   20,969  $   16,400 
                                                     =========== ===========
                                                                            
Earnings per share:                                                         
  Basic                                                                     
    Earnings per share                               $     0.53  $     0.42 
    Weighted average shares outstanding                  39,839      39,390 
  Diluted                                                                   
    Earnings per share                               $     0.50  $     0.40 
    Weighted average shares outstanding                  42,363      41,948 
                                                                            
Meritage Homes Corporation and Subsidiaries                 
                        Consolidated Balance Sheets                         
                               (In thousands)                               
                                (unaudited)                                 
                                                                            
                                                        March 31,  December 
                                                          2016     31, 2015 
                                                       ---------- ----------
Assets:                                                                     
  Cash and cash equivalents                            $  172,175 $  262,208
  Other receivables                                        60,491     57,296
  Real estate (1)                                       2,219,169  2,098,302
  Deposits on real estate under option or contract         91,991     87,839
  Investments in unconsolidated entities                   10,592     11,370
  Property and equipment, net                              34,544     33,970
  Deferred tax asset                                       58,989     59,147
  Prepaids, other assets and goodwill                      66,562     69,645
                                                       ---------- ----------
    Total assets                                       $2,714,513 $2,679,777
                                                       ========== ==========
Liabilities:                                                                
  Accounts payable                                     $  122,289 $  106,440
  Accrued liabilities                                     145,883    161,163
  Home sale deposits                                       42,639     36,197
  Loans payable and other borrowings                       25,734     23,867
  Senior and convertible senior notes, net              1,093,659  1,093,173
                                                       ---------- ----------
      Total liabilities                                 1,430,204  1,420,840
                                                       ---------- ----------
Stockholders' Equity:                                                       
  Preferred stock                                               -          -
  Common stock                                                400        397
  Additional paid-in capital                              563,892    559,492
  Retained earnings                                       720,017    699,048
                                                       ---------- ----------
      Total stockholders' equity                        1,284,309  1,258,937
                                                       ---------- ----------
    Total liabilities and stockholders' equity         $2,714,513 $2,679,777
                                                       ========== ==========
                                                                            
(1) Real estate - Allocated costs:                                          
  Homes under contract under construction              $  580,194 $  456,138
  Unsold homes, completed and under construction          269,353    307,425
  Model homes                                             138,109    138,546
  Finished home sites and home sites under development  1,231,513  1,196,193
                                                       ---------- ----------
    Total real estate                                  $2,219,169 $2,098,302
                                                       ========== ==========
                                                                            
Supplemental Information and Non-GAAP Financial Disclosures (Dollars in  
                          thousands - unaudited):                           
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                        2016        2015    
                                                     ----------- -----------
Depreciation and amortization                        $    3,402  $    3,211 
                                                     =========== ===========
                                                                            
Summary of Capitalized Interest:                                            
Capitalized interest, beginning of period            $   61,202  $   54,060 
Interest incurred                                        17,559      15,282 
Interest expensed                                        (3,288)     (3,154)
Interest amortized to cost of home and land closings    (11,347)     (9,345)
                                                     ----------- -----------
Capitalized interest, end of period                  $   64,126  $   56,843 
                                                     =========== ===========
                                                                            
                                                      March 31,    December 
                                                        2016      31, 2015  
                                                     ----------- -----------
Notes payable and other borrowings                   $1,119,393  $1,117,040 
Stockholders' equity                                  1,284,309   1,258,937 
                                                     ----------- -----------
Total capital                                         2,403,702   2,375,977 
Debt-to-capital                                            46.6%       47.0%
Notes payable and other borrowings                   $1,119,393  $1,117,040 
  Less: cash and cash equivalents                      (172,175)   (262,208)
                                                     ----------- -----------
Net debt                                                947,218     854,832 
Stockholders' equity                                  1,284,309   1,258,937 
                                                     ----------- -----------
Total net capital                                    $2,231,527  $2,113,769 
Net debt-to-capital                                        42.4%       40.4%
                                                                            
Meritage Homes Corporation and Subsidiaries                 
                   Consolidated Statements of Cash Flows                    
                         (In thousands) (unaudited)                         
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                        2016        2015    
                                                     ----------- -----------
Cash flows from operating activities:                                       
  Net earnings                                       $   20,969  $   16,400 
  Adjustments to reconcile net earnings to net cash                         
   used in operating activities:                                            
    Depreciation and amortization                         3,402       3,211 
    Stock-based compensation                              4,758       4,630 
    Excess income tax provision/(benefit) from                              
     stock-based awards                                     516      (1,935)
    Equity in earnings from unconsolidated entities      (2,635)     (2,421)
    Distribution of earnings from unconsolidated                            
     entities                                             3,477       3,035 
    Other                                                 1,048        (490)
  Changes in assets and liabilities:                                        
    Increase in real estate                            (116,035)    (58,906)
    (Increase)/decrease in deposits on real estate                          
     under option or contract                            (4,046)      3,767 
    Increase in receivables, prepaids and other                             
     assets                                                (168)     (5,695)
    Increase/(decrease) in accounts payable and                             
     accrued liabilities                                    455      (3,179)
    Increase in home sale deposits                        6,442       3,392 
                                                     ----------- -----------
    Net cash used in operating activities               (81,817)    (38,191)
                                                     ----------- -----------
Cash flows from investing activities:                                       
  Investments in unconsolidated entities                    (63)       (104)
  Purchases of property and equipment                    (3,940)     (4,589)
  Proceeds from sales of property and equipment              35          44 
  Maturities of investments and securities                  645           - 
  Payments to purchase investments and securities          (645)          - 
                                                     ----------- -----------
    Net cash used in investing activities                (3,968)     (4,649)
                                                     ----------- -----------
Cash flows from financing activities:                                       
  Proceeds from Credit Facility, net                          -      27,000 
  Repayment of loans payable and other borrowings        (3,893)     (3,017)
  Excess income tax (provision)/benefit from stock-                         
   based awards                                            (516)      1,935 
  Proceeds from stock option exercises                      161       2,834 
                                                     ----------- -----------
    Net cash (used in)/provided by financing                                
     activities                                          (4,248)     28,752 
                                                     ----------- -----------
Net decrease in cash and cash equivalents               (90,033)    (14,088)
Beginning cash and cash equivalents                     262,208     103,333 
                                                     ----------- -----------
Ending cash and cash equivalents                     $  172,175  $   89,245 
                                                     =========== ===========
                                                                            
Meritage Homes Corporation and Subsidiaries                 
                               Operating Data                               
                     (Dollars in thousands) (unaudited)                     
                                                                            
                                              Three Months Ended            
                                      March 31, 2016       March 31, 2015   
                                   -------------------- --------------------
                                     Homes     Value      Homes     Value   
                                   --------- ---------- --------- ----------
Homes Closed:                                                               
  Arizona                                217 $   74,999       186 $   62,601
  California                             207    120,720       153     86,423
  Colorado                               138     65,327       128     57,854
                                   --------- ---------- --------- ----------
  West Region                            562    261,046       467    206,878
                                   --------- ---------- --------- ----------
  Texas                                  465    159,971       440    152,587
                                   --------- ---------- --------- ----------
  Central Region                         465    159,971       440    152,587
                                   --------- ---------- --------- ----------
  Florida                                156     63,322       177     72,831
  Georgia                                 65     22,014        52     15,458
  North Carolina                         118     50,377        89     34,975
  South Carolina                          67     21,171        76     24,560
  Tennessee                               55     17,716        34      9,984
                                   --------- ---------- --------- ----------
  East Region                            461    174,600       428    157,808
                                   --------- ---------- --------- ----------
  Total                                1,488 $  595,617     1,335 $  517,273
                                   ========= ========== ========= ==========
Homes Ordered:                                                              
  Arizona                                259 $   90,180       288 $   90,591
  California                             270    151,012       310    178,097
  Colorado                               169     86,626       189     85,407
                                   --------- ---------- --------- ----------
  West Region                            698    327,818       787    354,095
                                   --------- ---------- --------- ----------
  Texas                                  591    216,065       557    185,132
                                   --------- ---------- --------- ----------
  Central Region                         591    216,065       557    185,132
                                   --------- ---------- --------- ----------
  Florida                                227     92,594       248    108,857
  Georgia                                105     35,195        77     24,218
  North Carolina                         189     77,081       148     61,625
  South Carolina                         107     34,221        96     29,528
  Tennessee                               70     21,626        66     19,357
                                   --------- ---------- --------- ----------
  East Region                            698    260,717       635    243,585
                                   --------- ---------- --------- ----------
  Total                                1,987 $  804,600     1,979 $  782,812
                                   ========= ========== ========= ==========
                                                                            
Order Backlog:                                                              
  Arizona                                359 $  133,087       294 $   94,208
  California                             352    214,438       369    215,637
  Colorado                               363    183,450       329    149,186
                                   --------- ---------- --------- ----------
  West Region                          1,074    530,975       992    459,031
                                   --------- ---------- --------- ----------
  Texas                                1,068    406,288       975    341,586
                                   --------- ---------- --------- ----------
  Central Region                       1,068    406,288       975    341,586
                                   --------- ---------- --------- ----------
  Florida                                358    147,278       308    138,596
  Georgia                                135     46,607        78     25,344
  North Carolina                         331    138,182       244     94,818
  South Carolina                         128     43,161        90     31,088
  Tennessee                               97     34,173        71     21,528
                                   --------- ---------- --------- ----------
  East Region                          1,049    409,401       791    311,374
                                   --------- ---------- --------- ----------
  Total                                3,191 $1,346,664     2,758 $1,111,991
                                   ========= ========== ========= ==========
                                                                            
Meritage Homes Corporation and Subsidiaries                 
                               Operating Data                               
                                (unaudited)                                 
                                                                            
                                               Three Months Ended           
                                     ---------------------------------------
                                       March 31, 2016      March 31, 2015   
                                     ------------------- -------------------
                                       Ending   Average    Ending   Average 
                                     --------- --------- --------- ---------
Active Communities:                                                         
  Arizona                                   42      41.5        44      42.5
  California                                24      24.0        21      22.5
  Colorado                                  14      15.0        16      16.5
                                     --------- --------- --------- ---------
  West Region                               80      80.5        81      81.5
                                     --------- --------- --------- ---------
  Texas                                     70      71.0        61      60.0
                                     --------- --------- --------- ---------
  Central Region                            70      71.0        61      60.0
                                     --------- --------- --------- ---------
  Florida                                   26      27.0        26      27.5
  Georgia                                   18      17.5        13      13.0
  North Carolina                            24      25.0        23      22.0
  South Carolina                            16      17.0        20      20.0
  Tennessee                                  9       9.0         5       5.0
                                     --------- --------- --------- ---------
  East Region                               93      95.5        87      87.5
                                     --------- --------- --------- ---------
  Total                                    243     247.0       229     229.0
                                     ========= ========= ========= =========
                                                                            

About Meritage Homes Corporation

Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2015. Meritage builds and sells single-family homes for first-time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. Meritage builds in markets including: Sacramento, San Francisco Bay area, southern coastal and Inland Empire markets in California; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale, Green Valley and Tucson, Arizona; Denver and Fort Collins, Colorado; Orlando, Tampa and southern Florida; Raleigh and Charlotte, North Carolina; Greenville-Spartanburg and York County, South Carolina; Nashville, Tennessee and Atlanta, Georgia.

Meritage has designed and built more than 90,000 homes in its 30-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR Partner of the Year for Sustained Excellence Award in each of the last four years, for innovation and industry leadership in energy efficient homebuilding.

For more information, visit investors.meritagehomes.com.

This press release and the accompanying comments during our analyst call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's expectations with respect to future revenue and earnings growth, projected home closings and home closing revenue for the year 2016, and the Company's strategy to develop communities with higher densities, lower price points and similar net margins.

Such statements are based upon the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: the availability of finished lots and undeveloped land; interest rates and changes in the availability and pricing of residential mortgages; fluctuations in the availability and cost of labor; changes in tax laws that adversely impact us or our homebuyers; reversal of the current economic recovery; the ability of our potential buyers to sell their existing homes; cancellation rates; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slower order absorption rates; impairments of our real estate inventory; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of option deposits; our potential exposure to natural disasters or severe weather conditions; competition; construction defect and home warranty claims; failures in health and safety performance; our success in prevailing on contested tax positions; our ability to obtain performance bonds in connection with our development work; the loss of key personnel; or our failure to comply with, laws and regulations; limitations of our geographic diversification; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing due to a downgrade of our credit ratings; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our compliance with government regulations and the effect of legislative or other initiatives that seek to restrain growth of new housing construction or similar measures; legislation relating to energy and climate change; the replication of our "Green" technologies by our competitors; our exposure to information technology failures and security breaches; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2015 and subsequent quarterly reports on Forms 10-Q under the caption "Risk Factors," which can be found on our website.

Image Available: http://www.marketwire.com/library/MwGo/2016/4/27/11G095525/Images/AUS-TOSO-5384-Jasmine-EXT-DUSK_web-869676103350.jpg

Contacts:
Brent Anderson
VP Investor Relations 
(972) 580-6360 (office) 
investors@meritagehomes.com 

Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2016 Marketwired
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.