Meritage Homes(US:MTH)2024-04-25 19:58Financial Performance - Home closing revenue increased by 16% year-over-year, reaching $1.466 billion in 1Q24 compared to $1.262 billion in 1Q23[15] - Home closing gross profit increased by 34% year-over-year, reaching $378 million in 1Q24 compared to $282 million in 1Q23[15] - Home closing gross margin improved by 340 bps to 25.8% in 1Q24 from 22.4% in 1Q23[15] - Net earnings increased by 42% year-over-year, reaching $186 million in 1Q24 compared to $131 million in 1Q23[15] - Diluted EPS increased by 43% year-over-year, reaching $5.06 in 1Q24 compared to $3.54 in 1Q23[15] Sales and Orders - Net sales orders increased by 14% year-over-year[6] - Total orders increased by 14% year-over-year, from 3,487 in 1Q23 to 3,991 in 1Q24[6] - ASP on orders decreased by 5% year-over-year to $409K[25] - Home closings increased by 21% to 3,507 units[38] Land and Development - Total lots controlled increased to 66,434 in 1Q24 from 60,942 in 1Q23[41] - The supply of lots is 4.6 years[41] - Capital spend totaled $514 million in 1Q24, with 84% allocated to land spend, 11% to share repurchases, and 5% to cash dividends[40] Community Count and Absorption - Average active communities decreased by 1% year-over-year[25] - Absorption per month increased by 17% year-over-year[25] - Entry-level homes accounted for 90% of the ending community count in 1Q24[6]