SCOTTSDALE, Ariz. (AP) — SCOTTSDALE, Ariz. (AP) — Meritage Homes Corp. (MTH) on Wednesday reported first-quarter net income of $186 million.

The Scottsdale, Arizona-based company said it had profit of $5.06 per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.54 per share.

The homebuilder posted revenue of $1.47 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $1.28 billion.

Meritage expects full-year earnings to be $19.20 to $20.70 per share.

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