Meritage Homes(US:MTH) ZACKSยท2024-07-24 23:31Core Insights - Meritage Homes reported revenue of $1.69 billion for the quarter ended June 2024, reflecting an 8.1% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.58 billion by 7.53% [1][3] - The company's EPS for the quarter was $6.31, up from $5.02 in the same quarter last year, exceeding the consensus estimate of $5.17 by 22.05% [1][3] Financial Performance Metrics - Homes ordered totaled 3,799, slightly below the average estimate of 3,925 from 10 analysts [3] - Average sales price for home closing revenue was $411, compared to the estimated $415.03 [3] - Homes closed reached 4,118, exceeding the average estimate of 3,778 [3] - Order backlog stood at 2,714, below the average estimate of 3,186 [3] - Order backlog value was $1.11 billion, compared to the estimated $1.29 billion [3] - Active communities totaled 287, slightly above the estimate of 278 [3] - Average sales price for home orders was $414, compared to the estimated $412.13 [3] - Homes ordered value was $1.57 billion, below the average estimate of $1.61 billion [3] - In the West Region, homes ordered were 1,114, below the average estimate of 1,193 [3] - Total closing revenue from homebuilding was $1.69 billion, reflecting a 9.8% increase year-over-year [3] - Financial services revenue was reported at $8.31 million, exceeding the average estimate of $6.59 million by 33.8% year-over-year [3] Stock Performance - Meritage shares have returned +20.8% over the past month, outperforming the Zacks S&P 500 composite's +1.8% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [4]