Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||||
2022 | 2021 | % Chg | 2022 | 2021 | % Chg | |||||||||||||
Homes closed (units) | 3,487 | 3,112 | 12 | % | 9,566 | 9,275 | 3 | % | ||||||||||
Home closing revenue | $ | 1,569,032 | $ | 1,251,435 | 25 | % | $ | 4,223,435 | $ | 3,596,060 | 17 | % | ||||||
Average sales price - closings | $ | 450 | $ | 402 | 12 | % | $ | 442 | $ | 388 | 14 | % | ||||||
Home orders (units) | 2,310 | 3,441 | (33 | )% | 9,951 | 10,441 | (5 | )% | ||||||||||
Home order value | $ | 974,314 | $ | 1,488,951 | (35 | )% | $ | 4,551,894 | $ | 4,337,753 | 5 | % | ||||||
Average sales price - orders | $ | 422 | $ | 433 | (3 | )% | $ | 457 | $ | 415 | 10 | % | ||||||
Ending backlog (units) | 6,064 | 5,838 | 4 | % | ||||||||||||||
Ending backlog value | $ | 2,826,759 | $ | 2,555,405 | 11 | % | ||||||||||||
Average sales price - backlog | $ | 466 | $ | 438 | 6 | % | ||||||||||||
Earnings before income taxes | $ | 329,491 | $ | 261,709 | 26 | % | $ | 947,069 | $ | 643,337 | 47 | % | ||||||
Net earnings | $ | 262,489 | $ | 200,752 | 31 | % | $ | 729,827 | $ | 499,984 | 46 | % | ||||||
Diluted EPS | $ | 7.10 | $ | 5.25 | 35 | % | $ | 19.65 | $ | 13.06 | 50 | % |
MANAGEMENT COMMENTS
“Despite a rapidly evolving housing market challenged by interest rate hikes, supply chain issues, Hurricane Ian and market uncertainty, in the third quarter of 2022,
“Our closings of 3,487 homes this quarter were 12% greater than prior year,” added
“However, sales orders fell sharply during the quarter. The third quarter 2022 sales orders of 2,310 homes were 33% lower than prior year primarily due to elevated cancellations. The cancellation rate was 30% this quarter. Gross sales orders declined 14% year-over-year, confirming that underlying home demand is stronger than the net numbers convey. Our third quarter 2022 average absorption pace was 2.7 per month, which was down from 5.0 per month in the third quarter of 2021. We expect sales orders will remain weaker until mortgage interest rates stabilize, we complete more move-in ready inventory and close out of our mature backlog. In each market, we are working to find the right combination of price adjustments and incentives to get back to our target absorption pace of 3-4 net sales per month,”
“We believe the continuation of the rapidly increasing mortgage interest rates, expectations of further significant increases to come, inflation and uncertainty in the economy are temporarily outweighing the positive impact of favorable demographics and the low supply of new and resale housing inventory on demand,” said
“Building materials and labor shortages are still delaying a return to normal cycle times, but we are confident that our pre-started inventory strategy executed by our exceptional team will ensure that we close timely on our current backlog while offering move-in ready homes for our future homebuyers," remarked
“Although Meritage's community count grew 17% year-over-year, the 275 active communities at
THIRD QUARTER RESULTS
- Total sales orders of 2,310 homes for the third quarter of 2022 were 33% lower than prior year despite a 25% year-over-year increase in average community count. The average absorption pace decreased 46% to 2.7 per month from 5.0 in the prior year primarily due to our elevated cancellation rate of 30% this quarter. Gross sales orders of 3,291 homes declined 14% compared to the third quarter of 2021. Entry-level represented 88% of third quarter 2022 orders, compared to 84% in the prior year. Average sales price ("ASP") on orders decreased 3% year-over-year to
$422,000 in the third quarter of 2022 and decreased 12% sequentially from$480,000 in the second quarter of 2022. - The 25% year-over-year increase in home closing revenue to
$1.6 billion for the third quarter of 2022 was due to 12% greater home closing volume and 12% higher ASPs on closings compared to prior year. - The 100 bps deterioration in third quarter 2022 home closing gross margin to 28.7% from 29.7% a year ago mainly resulted from greater incentives,
$8.8 million in write-offs related to the lot option deposits and diligence costs from terminated land deals and higher direct costs. In the third quarter of 2021, the write-offs for terminated land deals totaled$0.9 million . - Selling, general and administrative expenses ("SG&A") were 8.1% of third quarter 2022 home closing revenue, a 120 bps improvement over 9.3% in the prior year resulting from greater leverage of fixed expenses on higher home closing revenue as well as lower commissions expense as a percentage of home closing revenue.
- The third quarter effective income tax rate was 20.3% in 2022 compared to 23.3% in 2021. The 2022 rate reflected earned eligible energy tax credits on qualifying homes we delivered in the first nine months of 2022, as the Inflation Reduction Act ("IRA") enacted in
August 2022 retroactively extended the Internal Revenue Code §45L new energy-efficient homes credit. The 2021 rate similarly benefited from the Taxpayer Certainty and Disaster Tax Relief Act passed inDecember 2019 ("2019 Act"). - Net earnings were
$262.5 million ($7.10 per diluted share) for the third quarter of 2022, a 31% increase over$200.8 million ($5.25 per diluted share) for the third quarter of 2021. Strong earnings growth reflected pricing power, improved overhead leverage and a catch-up of tax credits, which combined with a lower outstanding share count in the current quarter, led to a 35% year-over-year improvement in earnings per diluted share.
YEAR TO DATE RESULTS
- Total sales orders of 9,951 homes for the first nine months of 2022 decreased 5% over prior year despite a 29% year-over-year increase in average community count. The year to date
September 2022 average absorption pace declined 26% due to elevated cancellations. - Home closing revenue increased 17% for the first nine months of 2022 to
$4.2 billion due to 14% higher ASPs on closings given the favorable pricing environment and 3% greater home closing volume. - The 270 bps improvement for home closing gross margin in the first nine months of 2022 to 30.1% from 27.4% was primarily due to higher ASPs on closings resulting from favorable pricing and better leveraging of fixed costs on greater home closing revenue. The year to date 2022 home closing gross margin included
$11.6 million of write-offs from terminated land deals related to lot option deposits and diligence costs, which compared to$2.1 million in the prior year. - SG&A as a percentage of home closing revenue improved 110 bps year-over-year to 8.3% from 9.4% in the first nine months of 2021, due to greater leverage of overhead expenses on higher home closing revenue and lower commissions expense as a percentage of home closing revenue.
- In the first nine months of 2021, we recognized a loss on early extinguishment of debt of
$18.2 million in connection with the early redemption inApril 2021 of our 7.00% senior notes due 2022. There were no such transactions in the first nine months of 2022. - The effective tax rate for the first nine months of 2022 was 22.9%, compared to 22.3% for the first nine months of 2021. Tax credits earned on qualifying energy-efficient homes we delivered in the first nine months of 2022 resulted from the passage of the IRA while those related to the prior year were under the 2019 Act.
- Net earnings were
$729.8 million ($19.65 per diluted share) for the first nine months of 2022, a 46% increase over$500.0 million ($13.06 per diluted share) for the first nine months of 2021, primarily reflecting pricing power, expanded gross margin and greater overhead leverage in 2022, as well as a lower outstanding share count in the first nine months of 2022.
BALANCE SHEET
- Cash and cash equivalents at
September 30, 2022 totaled$299.4 million , compared to$618.3 million atDecember 31, 2021 , primarily as a result of investments in real estate. Real estate assets increased from$3.7 billion atDecember 31, 2021 to$4.7 billion atSeptember 30, 2022 . - A total of approximately 66,000 lots were owned or controlled as of
September 30, 2022 compared to approximately 70,000 total lots atSeptember 30, 2021 . - Debt-to-capital and net debt-to-capital ratios were 23.9% and 18.9%, respectively, at
September 30, 2022 , which compared to 27.6% and 15.1%, respectively, atDecember 31, 2021 . - The Company repurchased 1,166,040 shares of stock for a total of
$109.3 million during the first nine months of 2022. There were no share repurchases during the current quarter. As ofSeptember 30, 2022 ,$244.1 million remained available to repurchase under our authorized share repurchase program.
CONFERENCE CALL
Management will host a conference call to discuss its third quarter results at
A replay of the call will be available via webcast beginning at approximately
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
Three Months Ended | |||||||||||||||
2022 | 2021 | Change $ | Change % | ||||||||||||
Homebuilding: | |||||||||||||||
Home closing revenue | $ | 1,569,032 | $ | 1,251,435 | $ | 317,597 | 25 | % | |||||||
Land closing revenue | 8,989 | 8,470 | 519 | 6 | % | ||||||||||
Total closing revenue | 1,578,021 | 1,259,905 | 318,116 | 25 | % | ||||||||||
Cost of home closings | (1,118,394 | ) | (879,759 | ) | 238,635 | 27 | % | ||||||||
Cost of land closings | (8,577 | ) | (7,706 | ) | 871 | 11 | % | ||||||||
Total cost of closings | (1,126,971 | ) | (887,465 | ) | 239,506 | 27 | % | ||||||||
Home closing gross profit | 450,638 | 371,676 | 78,962 | 21 | % | ||||||||||
Land closing gross profit | 412 | 764 | (352 | ) | (46 | )% | |||||||||
Total closing gross profit | 451,050 | 372,440 | 78,610 | 21 | % | ||||||||||
Financial Services: | |||||||||||||||
Revenue | 6,308 | 5,208 | 1,100 | 21 | % | ||||||||||
Expense | (2,804 | ) | (2,308 | ) | 496 | 21 | % | ||||||||
Earnings from financial services unconsolidated entities and other, net | 1,338 | 1,324 | 14 | 1 | % | ||||||||||
Financial services profit | 4,842 | 4,224 | 618 | 15 | % | ||||||||||
Commissions and other sales costs | (77,884 | ) | (68,952 | ) | 8,932 | 13 | % | ||||||||
General and administrative expenses | (48,443 | ) | (47,192 | ) | 1,251 | 3 | % | ||||||||
Interest expense | — | (79 | ) | (79 | ) | (100 | )% | ||||||||
Other (expense)/income, net | (74 | ) | 1,268 | (1,342 | ) | (106 | )% | ||||||||
Earnings before income taxes | 329,491 | 261,709 | 67,782 | 26 | % | ||||||||||
Provision for income taxes | (67,002 | ) | (60,957 | ) | 6,045 | 10 | % | ||||||||
Net earnings | $ | 262,489 | $ | 200,752 | $ | 61,737 | 31 | % | |||||||
Earnings per common share: | |||||||||||||||
Basic | Change $ or shares | Change % | |||||||||||||
Earnings per common share | $ | 7.18 | $ | 5.33 | $ | 1.85 | 35 | % | |||||||
Weighted average shares outstanding | 36,569 | 37,647 | (1,078 | ) | (3 | )% | |||||||||
Diluted | |||||||||||||||
Earnings per common share | $ | 7.10 | $ | 5.25 | $ | 1.85 | 35 | % | |||||||
Weighted average shares outstanding | 36,946 | 38,229 | (1,283 | ) | (3 | )% |
Nine Months Ended | |||||||||||||||
2022 | 2021 | Change $ | Change % | ||||||||||||
Homebuilding: | |||||||||||||||
Home closing revenue | $ | 4,223,435 | $ | 3,596,060 | $ | 627,375 | 17 | % | |||||||
Land closing revenue | 53,901 | 25,225 | 28,676 | 114 | % | ||||||||||
Total closing revenue | 4,277,336 | 3,621,285 | 656,051 | 18 | % | ||||||||||
Cost of home closings | (2,950,409 | ) | (2,612,428 | ) | 337,981 | 13 | % | ||||||||
Cost of land closings | (42,046 | ) | (24,246 | ) | 17,800 | 73 | % | ||||||||
Total cost of closings | (2,992,455 | ) | (2,636,674 | ) | 355,781 | 13 | % | ||||||||
Home closing gross profit | 1,273,026 | 983,632 | 289,394 | 29 | % | ||||||||||
Land closing gross profit | 11,855 | 979 | 10,876 | 1,111 | % | ||||||||||
Total closing gross profit | 1,284,881 | 984,611 | 300,270 | 30 | % | ||||||||||
Financial Services: | |||||||||||||||
Revenue | 16,119 | 15,624 | 495 | 3 | % | ||||||||||
Expense | (7,897 | ) | (6,846 | ) | 1,051 | 15 | % | ||||||||
Earnings from financial services unconsolidated entities and other, net | 4,033 | 3,821 | 212 | 6 | % | ||||||||||
Financial services profit | 12,255 | 12,599 | (344 | ) | (3 | )% | |||||||||
Commissions and other sales costs | (212,807 | ) | (210,585 | ) | 2,222 | 1 | % | ||||||||
General and administrative expenses | (136,370 | ) | (128,297 | ) | 8,073 | 6 | % | ||||||||
Interest expense | (41 | ) | (246 | ) | (205 | ) | (83 | )% | |||||||
Other (expense)/ income, net | (849 | ) | 3,443 | (4,292 | ) | (125 | )% | ||||||||
Loss on early extinguishment of debt | — | (18,188 | ) | (18,188 | ) | n/a | |||||||||
Earnings before income taxes | 947,069 | 643,337 | 303,732 | 47 | % | ||||||||||
Provision for income taxes | (217,242 | ) | (143,353 | ) | 73,889 | 52 | % | ||||||||
Net earnings | $ | 729,827 | $ | 499,984 | $ | 229,843 | 46 | % | |||||||
Earnings per common share: | |||||||||||||||
Basic | Change $ or shares | Change % | |||||||||||||
Earnings per common share | $ | 19.87 | $ | 13.26 | $ | 6.61 | 50 | % | |||||||
Weighted average shares outstanding | 36,736 | 37,703 | (967 | ) | (3 | )% | |||||||||
Diluted | |||||||||||||||
Earnings per common share | $ | 19.65 | $ | 13.06 | $ | 6.59 | 50 | % | |||||||
Weighted average shares outstanding | 37,136 | 38,285 | (1,149 | ) | (3 | )% |
Consolidated Balance Sheets
(In thousands)
(Unaudited)
Assets: | ||||||
Cash and cash equivalents | $ | 299,387 | $ | 618,335 | ||
Other receivables | 193,307 | 147,548 | ||||
Real estate (1) | 4,726,262 | 3,734,408 | ||||
Real estate not owned | — | 8,011 | ||||
Deposits on real estate under option or contract | 88,428 | 90,679 | ||||
Investments in unconsolidated entities | 11,356 | 5,764 | ||||
Property and equipment, net | 39,437 | 37,340 | ||||
Deferred tax asset, net | 41,060 | 40,672 | ||||
Prepaids, other assets and goodwill | 171,853 | 124,776 | ||||
Total assets | $ | 5,571,090 | $ | 4,807,533 | ||
Liabilities: | ||||||
Accounts payable | $ | 322,227 | $ | 216,009 | ||
Accrued liabilities | 353,512 | 337,277 | ||||
Home sale deposits | 57,767 | 42,610 | ||||
Liabilities related to real estate not owned | — | 7,210 | ||||
Loans payable and other borrowings | 12,460 | 17,552 | ||||
Senior notes, net | 1,143,314 | 1,142,486 | ||||
Total liabilities | 1,889,280 | 1,763,144 | ||||
Stockholders' Equity: | ||||||
Preferred stock | — | — | ||||
Common stock | 366 | 373 | ||||
Additional paid-in capital | 322,442 | 414,841 | ||||
Retained earnings | 3,359,002 | 2,629,175 | ||||
Total stockholders’ equity | 3,681,810 | 3,044,389 | ||||
Total liabilities and stockholders’ equity | $ | 5,571,090 | $ | 4,807,533 | ||
(1) Real estate – Allocated costs: | ||||||
Homes under contract under construction | $ | 1,452,691 | $ | 1,039,822 | ||
Unsold homes, completed and under construction | 986,862 | 484,999 | ||||
Model homes | 87,550 | 81,049 | ||||
Finished home sites and home sites under development | 2,199,159 | 2,128,538 | ||||
Total real estate | $ | 4,726,262 | $ | 3,734,408 |
Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):
Three Months Ended | Nine Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Depreciation and amortization | $ | 5,822 | $ | 6,478 | $ | 17,545 | $ | 19,892 | |||||||
Non-cash charges | $ | 8,791 | $ | 877 | $ | 11,608 | $ | 2,092 | |||||||
Summary of Capitalized Interest: | |||||||||||||||
Capitalized interest, beginning of period | $ | 61,459 | $ | 56,710 | $ | 56,253 | $ | 58,940 | |||||||
Interest incurred | 15,179 | 15,212 | 45,563 | 47,625 | |||||||||||
Interest expensed | — | (79 | ) | (41 | ) | (246 | ) | ||||||||
Interest amortized to cost of home and land closings | (14,548 | ) | (14,550 | ) | (39,685 | ) | (49,026 | ) | |||||||
Capitalized interest, end of period | $ | 62,090 | $ | 57,293 | $ | 62,090 | $ | 57,293 | |||||||
2022 | 2021 | ||||||||||||||
Senior notes, net, loans payable and other borrowings | $ | 1,155,774 | $ | 1,160,038 | |||||||||||
Stockholders' equity | 3,681,810 | 3,044,389 | |||||||||||||
Total capital | $ | 4,837,584 | $ | 4,204,427 | |||||||||||
Debt-to-capital | 23.9 | % | 27.6 | % | |||||||||||
Senior notes, net, loans payable and other borrowings | $ | 1,155,774 | $ | 1,160,038 | |||||||||||
Less: cash and cash equivalents | (299,387 | ) | (618,335 | ) | |||||||||||
Net debt | $ | 856,387 | $ | 541,703 | |||||||||||
Stockholders’ equity | 3,681,810 | 3,044,389 | |||||||||||||
Total net capital | $ | 4,538,197 | $ | 3,586,092 | |||||||||||
Net debt-to-capital | 18.9 | % | 15.1 | % |
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 729,827 | $ | 499,984 | ||||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||||
Depreciation and amortization | 17,545 | 19,892 | ||||||
Stock-based compensation | 16,897 | 14,435 | ||||||
Loss on early extinguishment of debt | — | 18,188 | ||||||
Equity in earnings from unconsolidated entities | (3,703 | ) | (2,878 | ) | ||||
Distribution of earnings from unconsolidated entities | 3,785 | 3,324 | ||||||
Other | 11,154 | (3,085 | ) | |||||
Changes in assets and liabilities: | ||||||||
Increase in real estate | (990,106 | ) | (810,731 | ) | ||||
Decrease/(increase) in deposits on real estate under option or contract | 176 | (18,453 | ) | |||||
Increase in other receivables, prepaids and other assets | (89,177 | ) | (51,611 | ) | ||||
Increase in accounts payable and accrued liabilities | 118,636 | 67,301 | ||||||
Increase in home sale deposits | 15,157 | 14,928 | ||||||
Net cash used in operating activities | (169,809 | ) | (248,706 | ) | ||||
Cash flows from investing activities: | ||||||||
Investments in unconsolidated entities | (5,674 | ) | (1 | ) | ||||
Distributions of capital from unconsolidated entities | — | — | ||||||
Purchases of property and equipment | (19,537 | ) | (17,910 | ) | ||||
Proceeds from sales of property and equipment | 328 | 404 | ||||||
Maturities/sales of investments and securities | 1,032 | 2,795 | ||||||
Payments to purchase investments and securities | (1,032 | ) | (2,795 | ) | ||||
Net cash used in investing activities | (24,883 | ) | (17,507 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayment of loans payable and other borrowings | (14,953 | ) | (6,308 | ) | ||||
Repayment of senior notes | — | (317,690 | ) | |||||
Proceeds from issuance of senior notes | — | 450,000 | ||||||
Payment of debt issuance costs | — | (6,102 | ) | |||||
Repurchase of shares | (109,303 | ) | (37,017 | ) | ||||
Net cash (used in)/provided by financing activities | (124,256 | ) | 82,883 | |||||
Net decrease in cash and cash equivalents | (318,948 | ) | (183,330 | ) | ||||
Beginning cash and cash equivalents | 618,335 | 745,621 | ||||||
Ending cash and cash equivalents | $ | 299,387 | $ | 562,291 |
Operating Data
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||
2022 | 2021 | |||||||||
Homes | Value | Homes | Value | |||||||
Homes Closed: | ||||||||||
599 | $ | 254,530 | 532 | $ | 193,847 | |||||
321 | 236,872 | 295 | 177,623 | |||||||
166 | 98,625 | 144 | 80,149 | |||||||
1,086 | 590,027 | 971 | 451,619 | |||||||
1,218 | 499,713 | 1,012 | 383,206 | |||||||
1,218 | 499,713 | 1,012 | 383,206 | |||||||
426 | 166,138 | 386 | 139,642 | |||||||
117 | 53,108 | 139 | 52,004 | |||||||
340 | 148,111 | 371 | 145,268 | |||||||
147 | 48,777 | 92 | 31,686 | |||||||
153 | 63,158 | 141 | 48,010 | |||||||
1,183 | 479,292 | 1,129 | 416,610 | |||||||
Total | 3,487 | $ | 1,569,032 | 3,112 | $ | 1,251,435 | ||||
Homes Ordered: | ||||||||||
232 | $ | 97,462 | 550 | $ | 233,828 | |||||
187 | 122,994 | 319 | 213,859 | |||||||
37 | 20,642 | 207 | 123,242 | |||||||
456 | 241,098 | 1,076 | 570,929 | |||||||
635 | 253,321 | 1,070 | 427,689 | |||||||
635 | 253,321 | 1,070 | 427,689 | |||||||
531 | 214,004 | 534 | 192,479 | |||||||
175 | 71,731 | 176 | 74,766 | |||||||
251 | 98,147 | 347 | 140,135 | |||||||
137 | 42,728 | 100 | 31,535 | |||||||
125 | 53,285 | 138 | 51,418 | |||||||
1,219 | 479,895 | 1,295 | 490,333 | |||||||
Total | 2,310 | $ | 974,314 | 3,441 | $ | 1,488,951 |
Nine Months Ended | ||||||||||
2022 | 2021 | |||||||||
Homes | Value | Homes | Value | |||||||
Homes Closed: | ||||||||||
1,599 | $ | 687,527 | 1,423 | $ | 497,105 | |||||
852 | 597,913 | 890 | 547,754 | |||||||
424 | 254,089 | 464 | 239,399 | |||||||
2,875 | 1,539,529 | 2,777 | 1,284,258 | |||||||
3,139 | 1,269,868 | 3,129 | 1,105,429 | |||||||
3,139 | 1,269,868 | 3,129 | 1,105,429 | |||||||
1,301 | 503,820 | 1,246 | 440,847 | |||||||
423 | 190,769 | 456 | 169,620 | |||||||
996 | 415,975 | 1,000 | 372,119 | |||||||
400 | 132,855 | 258 | 87,741 | |||||||
432 | 170,619 | 409 | 136,046 | |||||||
3,552 | 1,414,038 | 3,369 | 1,206,373 | |||||||
Total | 9,566 | $ | 4,223,435 | 9,275 | $ | 3,596,060 | ||||
Homes Ordered: | ||||||||||
1,342 | $ | 594,631 | 1,776 | $ | 713,067 | |||||
888 | 642,938 | 949 | 604,478 | |||||||
406 | 249,105 | 557 | 317,155 | |||||||
2,636 | 1,486,674 | 3,282 | 1,634,700 | |||||||
3,027 | 1,293,282 | 3,286 | 1,248,032 | |||||||
3,027 | 1,293,282 | 3,286 | 1,248,032 | |||||||
1,788 | 724,209 | 1,481 | 547,706 | |||||||
620 | 280,010 | 533 | 213,632 | |||||||
1,015 | 439,618 | 1,156 | 450,854 | |||||||
435 | 146,100 | 264 | 90,532 | |||||||
430 | 182,001 | 439 | 152,297 | |||||||
4,288 | 1,771,938 | 3,873 | 1,455,021 | |||||||
Total | 9,951 | $ | 4,551,894 | 10,441 | $ | 4,337,753 | ||||
Order Backlog: | ||||||||||
888 | $ | 397,695 | 1,346 | $ | 560,090 | |||||
429 | 314,622 | 503 | 331,454 | |||||||
310 | 192,763 | 301 | 182,536 | |||||||
1,627 | 905,080 | 2,150 | 1,074,080 | |||||||
1,766 | 790,227 | 1,787 | 715,226 | |||||||
1,766 | 790,227 | 1,787 | 715,226 | |||||||
1,355 | 571,001 | 785 | 321,831 | |||||||
400 | 180,059 | 233 | 101,996 | |||||||
584 | 247,405 | 610 | 242,192 | |||||||
168 | 57,664 | 126 | 44,028 | |||||||
164 | 75,323 | 147 | 56,052 | |||||||
2,671 | 1,131,452 | 1,901 | 766,099 | |||||||
Total | 6,064 | $ | 2,826,759 | 5,838 | $ | 2,555,405 |
Operating Data
(Unaudited)
Three Months Ended | ||||||||
2022 | 2021 | |||||||
Ending | Average | Ending | Average | |||||
Active Communities: | ||||||||
52 | 54.0 | 38 | 38.0 | |||||
32 | 32.0 | 18 | 19.0 | |||||
18 | 18.5 | 16 | 16.5 | |||||
102 | 104.5 | 72 | 73.5 | |||||
74 | 77.0 | 68 | 66.0 | |||||
74 | 77.0 | 68 | 66.0 | |||||
30 | 35.5 | 38 | 36.0 | |||||
18 | 16.0 | 12 | 11.0 | |||||
27 | 29.5 | 26 | 26.0 | |||||
12 | 14.5 | 11 | 9.0 | |||||
12 | 12.0 | 9 | 9.5 | |||||
99 | 107.5 | 96 | 91.5 | |||||
Total | 275 | 289.0 | 236 | 231.0 |
Nine Months Ended | ||||||||
2022 | 2021 | |||||||
Ending | Average | Ending | Average | |||||
Active Communities: | ||||||||
52 | 46.8 | 38 | 35.5 | |||||
32 | 27.3 | 18 | 18.3 | |||||
18 | 18.0 | 16 | 14.0 | |||||
102 | 92.1 | 72 | 67.8 | |||||
74 | 75.6 | 68 | 63.6 | |||||
74 | 75.6 | 68 | 63.6 | |||||
30 | 38.4 | 38 | 33.3 | |||||
18 | 15.5 | 12 | 10.3 | |||||
27 | 28.6 | 26 | 24.3 | |||||
12 | 14.0 | 11 | 7.5 | |||||
12 | 12.5 | 9 | 8.5 | |||||
99 | 109.0 | 96 | 83.9 | |||||
Total | 275 | 276.7 | 236 | 215.3 |
About
For more information, visit www.meritagehomes.com.
The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general; expectations about our future results; and projected fourth quarter 2022 home closings, home closing revenue, home closing gross margin, effective tax rate and diluted earnings per share.
Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations.
Contacts: | |||
(480) 515-8979 (office) | |||
investors@meritagehomes.com |
Source:
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