Beazer Homes Announces Preliminary Operating Results
September 22 2020 - 3:30PM
Business Wire
Ahead of an upcoming investor conference, Beazer Homes USA, Inc.
(NYSE: BZH) (www.beazer.com) (the “Company”) today announced that,
based on preliminary operating results, net new orders for the
first two months of its fiscal fourth quarter were up 37%
year-over-year with a 26% increase in July and a 48% increase in
August. This performance was primarily related to a higher pace, as
sales per community per month rose to 4.4 from 3.0 in the previous
year.
“We are very pleased with our results through the first two
months of our fourth quarter,” said Allan P. Merrill, Chairman and
CEO of Beazer Homes. “Broad, resilient demand across all our
markets supported by low rates and a reassessment of housing needs
drove substantial sales momentum and gives us confidence as we
close out 2020 and look forward to fiscal 2021.”
The Company expects to report its full fourth quarter 2020
results in November and is not updating any additional guidance at
this time.
About Beazer Homes USA, Inc.
Headquartered in Atlanta, Beazer Homes (NYSE: BZH) is one of the
country’s largest homebuilders. Every Beazer home is designed and
built to provide Surprising Performance, giving you more quality
and more comfort from the moment you move in - saving you money
every month. With Beazer’s Choice Plans™, you can personalize your
primary living areas - giving you a choice of how you want to live
in the home, at no additional cost. And unlike most national
homebuilders, we empower our customers to shop and compare loan
options. Our Mortgage Choice program gives you the resources to
easily compare multiple loan offers and choose the best lender and
loan offer for you, saving you thousands over the life of your
loan. We build our homes in Arizona, California, Delaware, Florida,
Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina,
Tennessee, Texas, and Virginia. For more information, visit
beazer.com, or check out beazer.com on Facebook, Instagram and
Twitter.
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things: (i) the potential negative impact of the ongoing COVID-19
pandemic, which, in addition to exacerbating each of the risks
listed below, may include a significant decrease in demand for our
homes or consumer confidence generally with respect to purchasing a
home, an inability to sell and build homes in a typical manner or
at all, increased costs or decreased supply of building materials
or the availability of subcontractors, housing inspectors, and
other third-parties we rely on to support our operations, and
recognizing charges in future periods, which may be material, for
goodwill impairments, inventory impairments and/or land option
contract abandonments; (ii) our ability to raise debt and/or equity
capital, due to factors such as limitations in the capital markets
(including market volatility) or adverse credit market conditions,
which have worsened and may continue to worsen as a result of the
COVID-19 pandemic, and our ability to otherwise meet our ongoing
liquidity needs (which could cause us to fail to meet the terms of
our covenants and other requirements under our various debt
instruments and therefore trigger an acceleration of a significant
portion or all of our outstanding debt obligations), including the
impact of any downgrades of our credit ratings or reduction in our
liquidity levels; (iii) market perceptions regarding any capital
raising initiatives we may undertake (including future issuances of
equity or debt capital); (iv) the cyclical nature of the
homebuilding industry and a potential deterioration in homebuilding
industry conditions; (v) economic changes nationally or in local
markets, changes in consumer confidence, wage levels, declines in
employment levels, inflation or increases in the quantity and
decreases in the price of new homes and resale homes on the market;
(vi) shortages of or increased prices for labor, land or raw
materials used in housing production, and the level of quality and
craftsmanship provided by our subcontractors; (vii) the
availability and cost of land and the risks associated with the
future value of our inventory, such as asset impairment charges we
took on select California assets during the second quarter of
fiscal 2019; (viii) factors affecting margins, such as decreased
land values underlying land option agreements, increased land
development costs in communities under development or delays or
difficulties in implementing initiatives to reduce our production
and overhead cost structure; (ix) estimates related to homes to be
delivered in the future (backlog) are imprecise, as they are
subject to various cancellation risks that cannot be fully
controlled; (x) increases in mortgage interest rates, increased
disruption in the availability of mortgage financing, changes in
tax laws or otherwise regarding the deductibility of mortgage
interest expenses and real estate taxes or an increased number of
foreclosures; (xi) increased competition or delays in reacting to
changing consumer preferences in home design; (xii) natural
disasters or other related events that could result in delays in
land development or home construction, increase our costs or
decrease demand in the impacted areas; (xiii) the potential
recoverability of our deferred tax assets; (xiv) potential delays
or increased costs in obtaining necessary permits as a result of
changes to, or complying with, laws, regulations or governmental
policies, and possible penalties for failure to comply with such
laws, regulations or governmental policies, including those related
to the environment; (xv) the results of litigation or government
proceedings and fulfillment of any related obligations; (xvi) the
impact of construction defect and home warranty claims; (xvii) the
cost and availability of insurance and surety bonds, as well as the
sufficiency of these instruments to cover potential losses
incurred; (xviii) the impact of information technology failures,
cybersecurity issues or data security breaches; (xix) terrorist
acts, natural disasters, acts of war or other factors over which
the Company has little or no control; or (xx) the impact on
homebuilding in key markets of governmental regulations limiting
the availability of water.
Any forward-looking statement, including any statement
expressing confidence regarding future outcomes, speaks only as of
the date on which such statement is made and, except as required by
law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time-to-time, and it
is not possible to predict all such factors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200922005244/en/
Beazer Homes USA, Inc. David Goldberg Vice President, Treasurer
& Investor Relations 770-829-3700
investor.relations@beazer.com
Beazer Homes USA (NYSE:BZH)
Historical Stock Chart
From Apr 2024 to May 2024
Beazer Homes USA (NYSE:BZH)
Historical Stock Chart
From May 2023 to May 2024