UPDATE: Beazer Homes 3Q Loss Widens As Closings Tumble
09 8월 2011 - 11:29PM
Dow Jones News
NEW YORK (Dow Jones)-- Beazer Homes USA Inc.'s (BZH) fiscal
third-quarter loss widened as the homebuilder saw closings tumble
and revenue plunge from a year earlier, leaving some analysts
concerned about the builder's dwindling cash supply.
The results continue a sluggish earnings season as home builders
continue to struggle in the fifth year of the industry downturn.
Last month, NVR Inc. (NVR), long the sector's top performer because
it made money during the downturn, said it saw profits slashed by
nearly half when compared with a year earlier. Sector titans
PulteGroup Inc. (PHM) and DR Horton (DHI) have also recently
reported weak quarters.
Builders continue battling weak consumer demand and competition
from bargain-priced foreclosures. Mortgages also remain hard to
secure as jittery lenders continue turning down many would-be
mortgage borrowers.
But Atlanta-based Beazer faced company-specific challenges
during the quarter, including the sudden exit of longtime Chief
Executive Ian McCarthy in June, just months after he agreed to
repay $6.5 million and return company stock as a settlement with
the Securities and Exchange Commission.
In the pre-market release, Allan Merrill, McCarthy's
replacement, sought to reassure investors worried about the
company's cash position.
Available cash on hand was a modest $274.6 million, not
including $284 million of restricted cash, down more than $100
million from the previous quarter. The liquidity is "among the
lowest in the industry," Vincent Foley, a Barclays Capital analyst,
wrote in a client note.
"Our team has demonstrated creativity and resiliency in
repairing our balance sheet and improving our operations," Merrill
said in the release. "With no significant debt maturities before
mid-2015 and a flexible capital structure, we are now applying that
same intensity to driving revenue growth as we work to return to
sustainable profitability as soon as possible."
For the quarter ended June 30, Beazer posted a loss of $59.1
million, or 80 cents a share, compared with a year-earlier loss of
$27.8 million, or 41 cents a share. The year-earlier results
include the government's home buyer tax credit, which is now
expired.
The current period also includes a net loss of $3.4 million from
discontinued operations, while the prior period included a net loss
from discontinued operations of $4.4 million.
Revenue slid 46% to $172.8 million. Analysts polled by Thomson
Reuters expected a per-share loss of 42 cents on $232 million in
revenue.
The home building gross margin, when including writedowns and
abandonments, fell to 7.1% from 11.3% in the prior year.
Closings plunged nearly 50% from a year earlier, while orders
rose 24%.
The builder's third-quarter cancellation rate fell to 24.3% from
29.3%.
The average selling price increased slightly to $213,000 from
$206,000 in the prior year period, largely driven by a mix in homes
sold.
"The June quarter proved challenging for Beazer Homes," Foley
wrote. "We remain disappointed by the company's lack of
profitability."
Shares of Beazer Homes were recently trading at $1.90, down
2.06%.
-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193;
dawn.wotapka@dowjones.com
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