Meritage Homes(US:MTH)2021-04-30 16:37Financial Performance - Home closing revenue increased by 21% to $1080 million in 1Q21 compared to $8904 million in 1Q20[23] - Home closing gross profit increased by 50% to $2667 million in 1Q21 compared to $1784 million in 1Q20[23] - Net earnings increased by 85% to $1318 million in 1Q21 compared to $712 million in 1Q20[23] - Diluted EPS increased by 88% to $344 in 1Q21 compared to $183 in 1Q20[23] - The company anticipates home closing revenue between $455 billion and $485 billion for the full year 2021[33] Sales and Closings - Home closings increased by 25% to 2890 in 1Q21 compared to 2316 in 1Q20[23] - Orders increased significantly, with entry-level orders up 61% and first move-up orders up 35%[14] - Absorption growth was led by the East region, up 67% year-over-year[15] - The company projects 2800-3100 home closings for 2Q21[33] - The company anticipates 11700-12700 home closings for the full year 2021[33] Land and Development - Land and development spending increased to $370 million in 1Q21 compared to $246 million in 1Q20[31] - Total lots controlled increased to 58085, with 60% owned and 40% optioned[31] Balance Sheet - Net debt-to-capital ratio was 109% as of March 31, 2021[27]