Meritage Homes' 2Q Earnings & Revs Beat - July 25, 2013 - Zacks.com

Meritage Homes Corporation’s (MTH - Snapshot Report) second-quarter 2013 earnings per share of 74 cents beat the Zacks Consensus Estimate of 46 cents by 60.9%. The company achieved earnings beat on the back of better-than-expected increase in the top line.

Earnings per share also jumped 208.3% year over year, buoyed by robust rise in home closing revenues and gross margin expansion.

Total revenue in the second quarter of 2013 amounted to $450 million, up 59.5% year over year. The top-line growth rate exceeded management’s expectation of 40% to 45% growth for the quarter. Reported revenues beat the Zacks Consensus Estimate of $410 million by 9.8%. Meritage’s home closing revenues were $436.04 million, increasing 55% from the prior-year quarter and marking the seventh consecutive quarter of increase. Year-over-year growth in home closing revenues was attributable to a 27% increase in the number of homes closed and a 22% hike in average closing prices.

Read more...Meritage Homes' 2Q Earnings & Revs Beat - July 25, 2013 - Zacks.com