Meritage Homes(US:MTH)2023-04-27 15:55Financial Performance - First quarter home closings and home closing revenue reached a record high[1] - First quarter 2023 home closing revenue was $1.2619 billion, a 1% increase year-over-year from $1.2455 billion[19] - First quarter 2023 net earnings were $131.3 million, a 40% decrease year-over-year[43] - First quarter 2023 diluted EPS was $3.54, a 39% decrease year-over-year[43] - First quarter 2023 home closing gross margin was 22.4%, a 790 bps decrease year-over-year[35] Balance Sheet and Capital Allocation - The company had $957 million in cash[2] - Land spend totaled $310 million[2] - Net debt was $194 million[21] - The company repurchased over 93,000 shares for $10 million[21] Land and Lots - Total lots controlled as of the end of the first quarter 2023 were 60,942, compared to 75,176 in the first quarter 2022[3] - 75% of lots controlled are owned, while 25% are optioned[3] Guidance - Second quarter 2023 home closings are projected to be 2,800-3,100[23] - Second quarter 2023 home closing revenue is projected to be $1.22-1.36 billion[23] - Second quarter 2023 home closing gross margin is expected to be around 22%[23]