Beazer Homes USA Inc · Q3 2023 earnings

Briefing

Beazer Homes reported strong third quarter results driven by an improved sales pace, higher backlog conversion, and lower sales concessions.

Beazer Homes reported a net income of $43.8 million, or $1.42 per diluted share, and homebuilding revenue of $570.5 million, up 9.0% year-over-year. Net new orders increased by 29.7% to 1,200, and adjusted EBITDA was $72.8 million.

• Net income from continuing operations was $43.8 million, or $1.42 per diluted share, compared to $54.3 million, or $1.76 per diluted share, in the prior year.
• Homebuilding revenue increased by 9.0% to $570.5 million, driven by a 7.1% increase in home closings and a 1.8% increase in average selling price.
• Net new orders rose by 29.7% to 1,200, with orders per community per month increasing by 28.3% to 3.2.
• The dollar value of homes in backlog was $1.0 billion, down 36.4%, while backlog units decreased by 35.4% to 1,941.

Headline financials

Revenue & EPS history

Company remains confident in the multi-year outlook for our Company and industry. Powerful demographic trends and a persistent undersupply of homes should provide support for new home sales, even when we encounter more challenging economic conditions.