Meritage Q2 Results Beat Estimates

August 1, 2017

Meritage on Tuesday reported Q2 earnings of $0.98 per share, up from $ 0.95 a year earlier, exceeding Capital IQ’s poll estimate of $0.76 for the quarter on strong home demand, prompting it to raise its guidance for the full year. Revenues rose to $802 million from $797.9 million, beating $760.4 million estimate.

The company said demand for new homes will continue to be strong and expects to generate total closing revenue of $3.2 billion 3.4 billion for the year, up from the previous range between $3.1 billion and $3.3 billion and straddling the $3.27 billion estimate. “We anticipate pricing power in most markets will allow us to maintain gross margins consistent with 2016 while generating approximately $230 million-250 million in pre-tax earnings through a combination of cost management and operating leverage with our anticipated revenue growth,” CEO Steven Hilton said.

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By Caroline Williams

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