Beazer's results ramp up in Q3
Beazer Homes has reported a sunny outlook for the third quarter and nine months ended June 30, paving the way for sustained profitability. Higher margins and increased sales pointed to significant progress on its Path-to-Profitability strategies.
The company's net loss for the third quarter totaled $5.79 million, compared with $39.88 million in the prior-year quarter. Total revenue rose 24% to $314.44 million from $254.56 million in the prior-year period. Home-building revenue rose 24% from the year-ago third quarter to $313.13 million.
“We were pleased with the continued improvement in both our key operational metrics and our financial results for the third quarter,” said CEO Allan Merrill. “With improved home-building gross margins, higher average sales prices and strict control over operating expenses, we are poised to report positive net income in our fiscal fourth quarter and expect to report our first full year of profitability in nearly a decade for fiscal 2014.”
Adjusted EBITDA was $21.8 million, a major uptick from last year's $4.0 million.
Meanwhile, orders were a slightly mixed bag, with year-to-date figures up over 2012 and overall third-quarter numbers down on a year-over-year basis.