Beazer Reports Much Wider-Than-Expected Q1 Loss (BZH)

Beazer Homes (NYSE:BZH) reported a fiscal Q1 loss per share of 66 cents, missing analyst estimates for a loss of 46 cents per share. Revenue in the quarter totaled $110.3 million which was also well below the Street target of $164.3 million. Closing totaled 527 homes during the quarter. Beazer reported backlog of 800 homes with a value of $201.1 million. President and CEO Ian McCarthy said, "As we anticipated, conditions remained very challenging in the homebuilding sector during our first quarter. Despite low interest rates and excellent home price affordability, demand for new homes remained at exceptionally low levels. Over the next six months, we anticipate seasonal improvements in home buyer demand. In addition we remain hopeful that we will see the initial stages of a cyclical recovery in the demand for new homes this year. While actual and potential foreclosures will likely keep home prices under pressure for some time, the steady increase in residential rents provides potential home buyers with an increasingly attractive option in home ownership. With no significant debt maturities until 2015, a very substantial cash position, an excellent finished lot position and improving home buyer sentiment, we believe we are well positioned to participate in the eventual housing recovery."

Channel: ClipSyndicate Video Length: 1m 26s Date Found: Tue, Feb 08 2011 11:53 AM Category: News Date Produced: Tue, Feb 08 2011 8:41 AM View Count: 0