Beazer Homes USA Second Quarter 2012 Numbers | ||
Quarter Two | Nine Months | |
Profit/(Loss) | $(39.9M) +49.5% | $(79.1 M) +51.1% |
Home Deliveries | 1,112 +36.6% | 2,839 +45.9% |
New Orders | 1,558 +25.0% | 3,793 +26.5% |
Behind the Numbers:
Profitability again eluded Beazer in its third quarter, though it lost only about half of what it did in 2011. Even without land impairments and the costs of abandoning lots and interest costs tied to cost of sales, the company wasn’t profitable. In fact, home building gross margin even deteriorated. New orders and deliveries were a bright spot, but that tide is lifting most builder boats. The company recapitalized itself during the quarter, replacing more expensive debt with lower interest notes that will save it $15 million a year. It also sold more stock. The end result is $170 million it plans to spend on reinvesting in “targeted markets.”
Beazer Homes’ fiscal year ends Sept. 30
