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Company Overview - Beazer Homes (NYSE: BZH) has experienced fluctuating share prices throughout 2024, indicating volatility in the market [1] - The company is facing challenges due to high interest rates and home affordability issues, alongside a period of low housing supply [1] Market Conditions - The housing market is characterized by uncharacteristically high interest rates and home affordability, which are impacting Beazer Homes' operations [1] - The current low supply of housing is compounding the difficulties faced by the company [1]

Core Insights - Beazer Homes USA, Inc. reported better-than-expected fourth-quarter fiscal 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate [1][4] - The company's shares gained over 7% in after-hours trading following the earnings release [2] Financial Performance - Beazer Homes reported adjusted earnings of $1.69 per share, beating the Zacks Consensus Estimate of $1.36 by 24.3%, although this reflects a decline of 6.1% from the previous year [4] - Total revenues reached $806.2 million, marking a 24.9% year-over-year increase and surpassing the consensus mark of $774 million by 4.1% [4] Homebuilding Metrics - Homebuilding revenues were $783.8 million, up 22.1% year over year, with total home closings increasing by 21.3% to 1,496 homes [5] - The average selling price (ASP) for homes closed rose by 0.7% year over year to $523,900 [5] - Net new orders increased by 2.6% year over year to 1,029, while cancellation rates rose to 21.9% from 16.5% a year ago [5] Backlog and Margins - As of September 30, 2024, the total dollar value of homes in backlog was $797.2 million, down from $886.4 million a year ago, with an ASP of $537,900, reflecting a 3.8% year-over-year increase [6] - Homebuilding gross margin decreased by 390 basis points to 20.4% in the fiscal fourth quarter [6] Operational Efficiency - Selling, general and administrative expenses as a percentage of total revenues decreased by 140 basis points year over year to 9.7% [7] - Adjusted EBITDA was $93.1 million, up 3.5% from the previous year due to higher homebuilding revenues, partially offset by lower gross margin [7] Balance Sheet Overview - At the end of the fiscal fourth quarter, the company had $203.9 million in cash and cash equivalents, down from $345.6 million at the end of fiscal 2023 [8] - The total debt-to-capitalization ratio improved slightly to 45.4% from 47.0% last year, while net debt to net capitalization rose to 40.0% from 36.4% [9] Future Outlook - For fiscal 2025, Beazer Homes expects a 10% top-line growth, with adjusted gross margin forecasted between 19.5% and 20.5% [10] - The company aims for all homes to meet Zero Energy Ready standards by the end of fiscal 2025, anticipating EBITDA growth and a double-digit return on capital employed [11]

Company Performance - Cisco Systems reported fiscal Q1 earnings of $0.91 per share, beating expectations by $0.04, but showing an 18% decline year over year [3] - Revenues for Cisco were $13.75 billion, slightly missing expectations and down 6.2% year over year [3] - Beazer Homes reported fiscal Q4 earnings of $1.69 per share, exceeding the Zacks consensus by $0.33, with revenues of $784 million surpassing the expected $774.3 million [5] Market Reaction - Cisco shares remained flat in after-market trading, with a year-to-date increase of 17%, lagging behind the S&P 500's 26% rise [4] - Beazer Homes shares increased by 12% following the strong fiscal Q4 report, reversing its negative year-to-date share price trend [5] Economic Indicators - The U.S. Federal Budget deficit for the month was reported at -$257 billion, worse than the expected -$243 billion and significantly down from the previous month's -$67 billion [2]

Financial Data and Key Metrics Changes - The company generated $243 million in adjusted EBITDA and earnings per share of $4.53, representing double-digit returns on both capital employed and equity [7] - The average community count in fiscal '24 was 144, with expectations to increase by 18 to 22 communities in fiscal '25, leading to over 10% top-line growth [11][12] - Total liquidity exceeded $500 million at the end of the fiscal year, with no maturities until October 2027 [25] Business Line Data and Key Metrics Changes - The company invested more than $750 million in land and land development, up nearly 36% from the prior year, resulting in 162 active communities, a 20% increase year-over-year [7][8] - The sales pace improved significantly in October, with orders up over 30% on a community count, and the sales pace returning to more normal levels [10] Market Data and Key Metrics Changes - The sales environment was characterized by strained affordability and high mortgage rates, but the outlook for new home sales remains positive due to a structural deficit in housing supply and favorable demand demographics [9] - The company expects spec sales to represent more than 60% of closings, the highest level in a decade, which typically carries lower margins [11][12] Company Strategy and Development Direction - The company is committed to achieving 100% Zero Energy Ready homes, with 92% of starts meeting the DOE standard in the second half of FY '24 [14][15] - The strategy includes a focus on improving sales pace and adjusting pricing strategies in response to market conditions [9][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about job and wage growth, indicating a potential soft landing for the economy, despite elevated mortgage rates [11] - The company anticipates significant revenue growth and profitability that generates a double-digit return on capital employed for fiscal '25 [12][24] Other Important Information - The company has a clear path to ending fiscal '26 with more than 200 communities and aims to maintain a net debt to net capitalization ratio below 30% by the end of fiscal '26 [13][25] - The company has increased its land position from fewer than 17,000 lots to nearly 28,000 lots over the last five years [26] Q&A Session Summary Question: Community count ramp and growth confidence - Management expressed confidence in the ramp due to increased land position and visibility on community openings [30] Question: Sales pacing improvement in October - Management noted improvements in sales pace in October, with a positive trend compared to September [31] Question: Absorption expectations for the year - Management acknowledged the previous year's low absorption rate but expressed confidence in returning to historical levels due to improved market conditions [34] Question: Margin guidance for Q1 - Management indicated that the adjusted gross margin for Q1 is expected to be around 19%, the lowest in over a decade, but anticipated to improve throughout the year [35] Question: Incentives and competitive environment - Management discussed the adjustments made in pricing and incentives in specific markets, leading to improved sales pace [42] Question: Zero Energy Ready homes and margin benefits - Management highlighted the higher margins associated with Zero Energy Ready homes and the potential for cost reductions in delivering these homes [38][40] Question: Share buybacks and capital allocation - Management stated that while share buybacks are considered, the primary focus remains on land spending and growth [61]

For the quarter ended September 2024, Beazer Homes (BZH) reported revenue of $806.16 million, up 24.9% over the same period last year. EPS came in at $1.69, compared to $1.80 in the year-ago quarter.The reported revenue represents a surprise of +4.12% over the Zacks Consensus Estimate of $774.29 million. With the consensus EPS estimate being $1.36, the EPS surprise was +24.26%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Beazer Homes (BZH) came out with quarterly earnings of $1.69 per share, beating the Zacks Consensus Estimate of $1.36 per share. This compares to earnings of $1.80 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.26%. A quarter ago, it was expected that this homebuilder would post earnings of $0.84 per share when it actually produced earnings of $0.88, delivering a surprise of 4.76%.Over the last four quarters, the company h ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value BZH New York Stock Exchange FORM 10-K _____________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO ...

Financial Performance - Net income for fiscal 2024 was $140.2 million, or $4.53 per diluted share, down from $158.7 million, or $5.16 per diluted share in fiscal 2023[3]. - Adjusted EBITDA for fiscal 2024 was $243.4 million, a decrease of 10.5% year-over-year[3]. - Income from continuing operations decreased to $52.1 million, down 6.6% from $55.8 million[18]. - Basic income per share from continuing operations was $1.72, a decrease of 6.0% from $1.83[18]. - The company reported net income of $52,066,000 for the three months ended September 30, 2024, down from $55,756,000 in the same period of 2023, a decrease of 5%[24]. - Net income for the fiscal year ended September 30, 2024, was $140,175, down from $158,611 in 2023[32]. - Adjusted EBITDA for the fiscal year ended September 30, 2024, was $243,418, compared to $272,031 in 2023[32]. Revenue and Sales - Homebuilding revenue reached $2.29 billion, up 4.3% due to a 4.8% increase in home closings to 4,450, despite a 0.5% decrease in average selling price (ASP) to $515.3 thousand[3]. - Homebuilding revenue grew to $783.8 million, a 22.1% increase from $641.8 million[18]. - Total revenue for the three months ended September 30, 2024, was $806,157,000, a 25% increase from $645,405,000 in the same period of 2023[24]. Orders and Backlog - Net new orders for fiscal 2024 were 4,221, up 9.2% from 3,866 in the previous year, with a cancellation rate of 21.9%[5][17]. - New home orders increased to 1,029 for the three months ended September 30, 2023, up 2.6% from 1,003[18]. - Cancellation rates rose to 21.9%, an increase of 540 basis points from 16.5%[18]. - Backlog units declined to 1,482, a decrease of 13.4% from 1,711[18]. - Dollar value of backlog decreased to $797.2 million, down 10.1% from $886.4 million[18]. - New orders, net of cancellations, totaled 1,029 for the three months ended September 30, 2024, compared to 1,003 in the same period of 2023, a 3% increase[27]. - The backlog units at the end of the period were 1,482, down from 1,711 in the previous year, reflecting a 13% decrease[28]. - The aggregate dollar value of the backlog was $797.2 million as of September 30, 2024, compared to $886.4 million a year earlier, a decrease of 10%[28]. Community and Closings - Active community count increased by 20.9% year-over-year to 162, contributing to a 30% growth in October sales compared to the prior year[3][4]. - Total home closings reached 1,496, representing a 21.3% increase from 1,233[18]. - Average active community count increased to 153, an 18.0% rise from 130[18]. Financial Position and Debt - Total debt to total capitalization ratio improved to 45.4% from 47.0% a year ago, while net debt to net capitalization ratio increased to 40.0% from 36.4%[12][17]. - Unrestricted cash at quarter end was $203.9 million, with total liquidity of $503.9 million, down from $610.6 million a year ago[11]. - The company aims to reduce its net debt to net capitalization ratio below 30% by the end of fiscal year 2026[12]. - The total debt as of September 30, 2024, was $1,025,349,000, compared to $978,028,000 in the previous year, indicating a 5% increase[25]. - Total debt increased to $1,025,349 for the fiscal year ended September 30, 2024, from $978,028 in 2023[34]. - The total debt to total capitalization ratio improved to 45.4% in 2024 from 47.0% in 2023[34]. - Net debt to net capitalization ratio increased to 40.0% in 2024 from 36.4% in 2023[34]. Land Acquisition and Development - Land acquisition and development spending was $776.5 million, an increase of 35.5% from $573.1 million[3][17]. - Land acquisition and development spending was $179.0 million, a decrease of 16.2% from $213.7 million[18]. Gross Profit and Margins - Homebuilding gross margin for the fourth quarter was 17.2%, down 400 basis points year-over-year, while excluding impairments, it was 20.4%, down 390 basis points[4][8]. - Homebuilding gross profit for the three months ended September 30, 2024, was $134,911, with a margin of 17.2%, compared to $135,925 and 21.2% for the same period in 2023[31]. - Homebuilding gross profit excluding inventory impairments and interest amortized to cost of sales was $159,837, representing a margin of 20.4% for the three months ended September 30, 2024[31]. Inventory and Expenses - Capitalized interest in inventory at the end of the period was $124,182,000, up from $112,580,000 in the previous year, representing a 10% increase[26]. - Inventory impairments and abandonments amounted to $1,796 for the three months ended September 30, 2024, compared to $25 in the same period of 2023[32]. - Interest amortized to home construction and land sales expenses was $23,705 for the three months ended September 30, 2024, compared to $19,919 in 2023[32]. - The company reported a decrease in expense from income taxes to $18,910 for the fiscal year ended September 30, 2024, down from $23,936 in 2023[32].

Beazer Homes USA, Inc. (BZH) is scheduled to report fourth-quarter fiscal 2024 (ended Sept. 30, 2024) results on Nov. 13, after the closing bell.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, Beazer Homes’ earnings per share (EPS) beat the Zacks Consensus Estimate by 4.8% but revenues missed the same by 0.6%. On a year-over-year basis, EPS of 88 cents declined from the year-ago level of $1.42. Revenues of $595.7 million increased 4% year over year. Hom ...