Meritage Homes Fourth Quarter 2011 Numbers | ||
Quarter Four | Fiscal Year | |
Profit/(Loss) | ($ 11.8M) -121.6% | $(21.1M) -395.2% |
Home Deliveries | 894 +6.8% | 3,268 -11.7% |
New Orders | 749 +5% | 3,405 +0.7% |
Behind the Numbers:
Meritage’s fourth quarter bottom line took a significant hit due to $13.9 million of asset impairments that the company credits mostly to its move out of the Las Vegas market. The company would have lost about $2 million if not for the write downs. While the Scottsdale, Ariz.–based company’s orders and deliveries perked up in the last quarter of the year, total sales for 2011 were essentially flat with 2010. CEO Steven J. Hilton was, however, optimistic that the company is doing a better job at improving company margins and that its new divisions in Tampa, Fla., and Raleigh, N.C., will increase the company’s sales, revenue, and earnings in 2012.
Meritage’s fourth quarter and fiscal year ended December 31.
Learn more about markets featured in this article: Phoenix, AZ, Las Vegas, NV.
