Meritage Homes reports record third quarter 2020 orders 71% higher than prior year; 56% increase in net earnings with 21% revenue growth and 21.5% gross margin

Nachrichtenquelle: globenewswire
21.10.2020, 22:30  |  131   |   |   

SCOTTSDALE, Ariz., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, reported third quarter results for the period ended September 30, 2020.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)

    Three Months Ended September 30,   Nine Months Ended September 30,
    2020   2019   % Chg   2020   2019   % Chg
Homes closed (units)   3,004     2,419     24  %   8,090     6,437     26  %
Home closing revenue   $ 1,133,221     $ 939,185     21  %   $ 3,055,229     $ 2,500,888     22  %
Average sales price - closings   $ 377     $ 388     (3 )%   $ 378     $ 389     (3 )%
Home orders (units)   3,851     2,258     71  %   10,550     7,523     40  %
Home order value   $ 1,488,480     $ 858,395     73  %   $ 3,958,870     $ 2,879,369     37  %
Average sales price - orders   $ 387     $ 380     2  %   $ 375     $ 383     (2 )%
Ending backlog (units)               5,242     3,519     49  %
Ending backlog value               $ 2,004,981     $ 1,397,033     44  %
Average sales price - backlog               $ 382     $ 397     (4 )%
Earnings before income taxes   $ 135,506     $ 92,366     47  %   $ 338,201     $ 192,410     76  %
Net earnings   $ 109,118     $ 69,809     56  %   $ 270,948     $ 146,049     86  %
Diluted EPS   $ 2.84     $ 1.79     59  %   $ 7.04     $ 3.76     87  %


MANAGEMENT COMMENTS

"Our third quarter of 2020 results continued to outperform and reflect the current strength in the homebuilding market. Meritage had many remarkable achievements this past quarter: We delivered our highest quarterly sales orders, our strongest absorptions since 2005, record quarterly home closing revenue, and our best quarterly gross margin since 2014 - while also achieving our lowest net debt to capital in our company's history,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “These strong results are the combination of existing favorable market factors including historically-low mortgage interest rates and increased demand for healthier, safer homes, and Meritage's strategy of focusing on affordable entry-level and first move-up homes that allowed us to capitalize on that demand.

“Our sales orders of 3,851 homes this quarter were 71% more than the third quarter of 2019 and surpassed our previous quarterly record set in the second quarter of 2020. Over just the first nine months of this year, we sold a total of 10,550 homes - well over the full year 2019 sales volume. We also closed 24% more homes than we did in the same quarter of the prior year. Home closing revenue increased 21% year-over-year to $1.1 billion for the third quarter of 2020, which combined with a 21.5% home closing gross margin to drive a 56% increase in our net earnings compared to the third quarter of 2019."

He continued, "To meet the surge in demand we are experiencing, we are investing significantly for additional growth. We spent nearly $300 million on land acquisition and development and put a record near 9,000 new lots under control this quarter, bringing the total lot supply to nearly 48,000 lots, as we increase our market share in our existing geographies and push toward our 300 community count goal by early to mid 2022."

Mr. Hilton concluded, "Based on our performance through the first three quarters of 2020 and confidence in our ability to deliver our backlog, we are projecting 11,200-11,500 total home closings for approximately $4.2-4.4 billion total home closing revenue and home closing gross margin of 21.0-21.5% for the full year 2020. We expect that to translate into approximately $10.25-10.50 diluted earnings per share, a year-over-year increase of more than 60%."

THIRD QUARTER RESULTS

  • The record total sales orders for the third quarter of 2020 reflected an increase of 71% year-over-year, driven by a 94% increase in absorption pace over the prior year’s third quarter with high demand for Meritage's entry-level LiVE.NOW product. Entry-level represented almost 70% of third quarter 2020 orders, compared to 54% in the same quarter in 2019. Absorptions doubled in Texas to six per month, compared to three per month in the third quarter last year, even with a 14% decline in average active communities. Absorptions were up 88% in the West region and 87% in the East region year-over-year, with significant increases across all states led by California's 137% increase.
  • A 21% year-over-year increase in home closing revenue to a record $1.1 billion for the quarter ended September 30, 2020 reflected a 24% increase in home closing volume partially offset by a 3% reduction in average sales price ("ASP"), which was primarily due to the shift in product mix toward entry-level as compared to 2019.
  • Home closing gross margin improved 170 bps to 21.5% from 19.8% a year ago. The additional closing volume and efficiencies gained from streamlined operations more than offset record high lumber prices and contributed to a 31% increase in total home closing gross profit over the prior year's third quarter.
  • Selling, general and administrative expenses ("SG&A") were 10.1% of third quarter 2020 home closing revenue, a 70 bps improvement over 10.8% in the third quarter of 2019 due to greater leverage of fixed expenses on higher home closing revenue, as well as cost savings from technology enhancements, particularly as related to the Company's sales and marketing efforts.
  • The third quarter effective income tax rate decreased to 19.5% in 2020 compared to 24.4% in 2019 primarily due to eligible energy tax credits on qualifying energy-efficient homes closed in 2020 that were not available in 2019, under the Taxpayer Certainty and Disaster Tax Relief Act enacted in December 2019.
  • Third quarter 2020 pre-tax margin increased 210 bps to 11.9%, compared to 9.8% in the third quarter of 2019. Net earnings were $109.1 million ($2.84 per diluted share) for the third quarter of 2020, a 56% increase over $69.8 million ($1.79 per diluted share) reported for the third quarter of 2019. Strong earnings growth reflected the increases in home closing revenue, gross margins and improved overhead leverage, which combined with the reduction in diluted shares after the repurchase of one million shares in the first quarter of 2020, led to a 59% year-over-year improvement in earnings per diluted share.

YEAR TO DATE RESULTS

  • Total orders for the first nine months of 2020 increased 40% year-over-year, driven by a 58% increase in absorptions on an 11% lower average community count, compared to the first nine months of 2019.
  • Home closings of 8,090 for the first nine months of 2020 increased 26% year-over-year with a 3% reduction in ASP on closings due to the product mix shift toward Meritage's entry-level product, resulting in a 22% year-over-year increase in home closing revenue to $3.1 billion.
  • Home closing gross margin increased 250 bps to 21.0% for the first nine months of 2020, compared to 18.5% in the same period of 2019, reflecting a 39% increase in total home closing gross profit for the first nine months of 2020.
  • SG&A expenses as a percentage of home closing revenue improved to 10.3% in the first nine months of 2020, compared to 11.2% in the first nine months of 2019, reflecting greater leverage of overhead expenses on higher home closing revenue, as well as technology and cost savings initiatives implemented at the start of the COVID-19 pandemic.
  • Interest expense decreased $6.2 million year-over-year, primarily due to lower debt balances reflecting the early redemption in December 2019 of $300 million senior notes that were due in early 2020.
  • The effective tax rate for the first nine months of 2020 was 19.9%, compared to 24.1% for the same period in 2019, primarily due to approximately $10 million in year-to-date 2020 estimated energy tax credits.
  • The pre-tax margin for the first nine months of 2020 increased 340 bps to 11.0%, compared to 7.6% for the first nine months of 2019. Year-to-date 2020 net earnings were $270.9 million ($7.04 per diluted share), an 86% increase over $146.0 million ($3.76 per diluted share) for year-to-date 2019, reflecting increases in home closing revenue and gross margin, combined with lower SG&A expenses and a lower effective tax rate in 2020, which combined with the reduction in diluted shares after the repurchase of one million shares in the first quarter of 2020, led to an 87% year-over-year improvement in earnings per diluted share.

BALANCE SHEET

  • Cash and cash equivalents at September 30, 2020 totaled $610.0 million, compared to $319.5 million at December 31, 2019, reflecting positive cash flow from operations of $373.1 million. Real estate assets at September 30, 2020 held relatively steady to December 31, 2019 as an increase in sold inventory resulted in a decrease in spec inventory.
  • Nearly 16,000 new lots were put under control in the first nine months of 2020, with over 55% coming from the third quarter of 2020 alone. The Company has been actively securing new lots following a short-lived dip in March and April due to COVID-19-related shutdowns. A total of nearly 48,000 lots were owned or controlled as of September 30, 2020, compared to approximately 37,000 total lots at September 30, 2019.
  • Debt-to-capital and net debt-to-capital ratios were 31.7% and 15.7%, respectively, at September 30, 2020, down from 34.0% and 26.2%, respectively, at December 31, 2019.

CONFERENCE CALL
Management will host a conference call to discuss the results at 8:00 a.m. Arizona Time (11:00 a.m. Eastern Time) on Thursday, October 22. The call will be webcast live with an accompanying slideshow, both of which will be available on the "Investor Relations" page of the Company's web site at https://investors.meritagehomes.com. For those unable to participate via the webcast, telephone participants can dial in to 1-800-437-2398 US toll free on the day of the call. The international dial-in number is 1-929-477-0577.

A replay of the call will be available beginning at approximately 10:00 a.m. Arizona Time (1:00 p.m. Eastern Time) on October 22 and extending through November 5, 2020, on the website noted above or by dialing 1-800-437-2398 US toll free, 1-929-477-0577 for international and referencing conference number 1805364.


Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)

  Three Months Ended September 30,
  2020   2019   Change $   Change %
Homebuilding:              
Home closing revenue $ 1,133,221     $ 939,185     $ 194,036     21  %
Land closing revenue 4,870     1,695     3,175     187  %
Total closing revenue 1,138,091     940,880     197,211     21  %
Cost of home closings (889,654 )   (753,068 )   136,586     18  %
Cost of land closings (4,360 )   (1,721 )   2,639     153  %
Total cost of closings (894,014 )   (754,789 )   139,225     18  %
Home closing gross profit 243,567     186,117     57,450     31  %
Land closing gross profit/(loss) 510     (26 )   536     N/M
Total closing gross profit 244,077     186,091     57,986     31  %
Financial Services:              
Revenue 4,939     4,317     622     14  %
Expense (2,026 )   (1,725 )   301     17  %
Earnings from financial services unconsolidated entities and other, net 1,402     2,990     (1,588 )   (53 )%
Financial services profit 4,315     5,582     (1,267 )   (23 )%
Commissions and other sales costs (73,282 )   (63,450 )   9,832     15  %
General and administrative expenses (40,737 )   (37,191 )   3,546     10  %
Interest expense (55 )   (1,068 )   (1,013 )   (95 )%
Other income, net 1,188     2,402     (1,214 )   (51 )%
Earnings before income taxes 135,506     92,366     43,140     47  %
Provision for income taxes (26,388 )   (22,557 )   3,831     17  %
Net earnings $ 109,118     $ 69,809     $ 39,309     56  %
               
Earnings per common share:              
Basic         Change $ or shares   Change %
Earnings per common share $ 2.90     $ 1.82     $ 1.08     59  %
Weighted average shares outstanding 37,607     38,296     (689 )   (2 )%
Diluted              
Earnings per common share $ 2.84     $ 1.79     $ 1.05     59  %
Weighted average shares outstanding 38,405     39,079     (674 )   (2 )%




  Nine Months Ended September 30,
  2020   2019   Change $   Change %
Homebuilding:              
Home closing revenue $ 3,055,229     $ 2,500,888     $ 554,341     22  %
Land closing revenue 16,954     12,747     4,207     33  %
Total closing revenue 3,072,183     2,513,635     558,548     22  %
Cost of home closings (2,412,606 )   (2,039,191 )   373,415     18  %
Cost of land closings (17,509 )   (14,149 )   3,360     24  %
Total cost of closings (2,430,115 )   (2,053,340 )   376,775     18  %
Home closing gross profit 642,623     461,697     180,926     39  %
Land closing gross loss (555 )   (1,402 )   847     60  %
Total closing gross profit 642,068     460,295     181,773     39  %
Financial Services:              
Revenue 13,329     11,705     1,624     14  %
Expense (5,519 )   (4,949 )   570     12  %
Earnings from financial services unconsolidated entities and other, net 3,132     9,559     (6,427 )   (67 )%
Financial services profit 10,942     16,315     (5,373 )   (33 )%
Commissions and other sales costs (204,863 )   (176,130 )   28,733     16  %
General and administrative expenses (111,083 )   (105,536 )   5,547     5  %
Interest expense (2,176 )   (8,350 )   (6,174 )   (74 )%
Other income, net 3,313     5,816     (2,503 )   (43 )%
Earnings before income taxes 338,201     192,410     145,791     76  %
Provision for income taxes (67,253 )   (46,361 )   20,892     45  %
Net earnings $ 270,948     $ 146,049     $ 124,899     86  %
               
Earnings per common share:              
Basic         Change $ or shares   Change %
Earnings per common share $ 7.17     $ 3.83     $ 3.34     87  %
Weighted average shares outstanding 37,763     38,119     (356 )   (1 )%
Diluted              
Earnings per common share $ 7.04     $ 3.76     $ 3.28     87  %
Weighted average shares outstanding 38,491     38,841     (350 )   (1 )%




Meritage Homes Corporation and Subsidiaries
 Consolidated Balance Sheets
(In thousands)
(Unaudited)

    September 30, 2020   December 31, 2019
Assets:        
Cash and cash equivalents   $ 609,979     $ 319,466  
Other receivables   96,702     88,492  
Real estate (1)   2,741,016     2,744,361  
Deposits on real estate under option or contract   62,967     50,901  
Investments in unconsolidated entities   3,819     4,443  
Property and equipment, net   42,730     50,606  
Deferred tax asset   28,425     25,917  
Prepaids, other assets and goodwill   101,680     114,063  
Total assets   $ 3,687,318     $ 3,398,249  
Liabilities:        
Accounts payable   $ 167,788     $ 155,024  
Accrued liabilities   274,371     226,008  
Home sale deposits   25,509     24,246  
Loans payable and other borrowings   23,031     22,876  
Senior notes, net   996,770     996,105  
Total liabilities   1,487,469     1,424,259  
Stockholders' Equity:        
Preferred stock        
Common stock   377     382  
Additional paid-in capital   460,268     505,352  
Retained earnings   1,739,204     1,468,256  
Total stockholders’ equity   2,199,849     1,973,990  
Total liabilities and stockholders’ equity   $ 3,687,318     $ 3,398,249  


(1) Real estate – Allocated costs:
       
Homes under contract under construction   $ 967,222     $ 564,762  
Unsold homes, completed and under construction   395,151     686,948  
Model homes   86,933     121,340  
Finished home sites and home sites under development   1,291,710     1,371,311  
Total real estate   $ 2,741,016     $ 2,744,361  




Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited):

  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Depreciation and amortization $ 7,945     $ 7,172     $ 22,496     $ 19,553  
               
Summary of Capitalized Interest:              
Capitalized interest, beginning of period $ 72,882     $ 88,307     $ 82,014     $ 88,454  
Interest incurred 16,103     21,319     50,188     64,227  
Interest expensed (55 )   (1,068 )   (2,176 )   (8,350 )
Interest amortized to cost of home and land closings (21,380 )   (20,363 )   (62,476 )   (56,136 )
Capitalized interest, end of period $ 67,550     $ 88,195     $ 67,550     $ 88,195  
               
  September 30, 2020   December 31, 2019        
Notes payable and other borrowings $ 1,019,801     $ 1,018,981          
Stockholders' equity 2,199,849     1,973,990          
Total capital $ 3,219,650     $ 2,992,971          
Debt-to-capital 31.7  %   34.0  %        
               
Notes payable and other borrowings $ 1,019,801     $ 1,018,981          
Less: cash and cash equivalents (609,979 )   (319,466 )        
Net debt $ 409,822     $ 699,515          
Stockholders’ equity 2,199,849     1,973,990          
Total net capital $ 2,609,671     $ 2,673,505          
Net debt-to-capital 15.7  %   26.2  %        





Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows 
(In thousands)
(Unaudited)

    Nine Months Ended September 30,
    2020   2019
Cash flows from operating activities:        
Net earnings   $ 270,948     $ 146,049  
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization   22,496     19,553  
Stock-based compensation   15,724     15,719  
Equity in earnings from unconsolidated entities   (2,821 )   (8,934 )
Distribution of earnings from unconsolidated entities   2,449     11,261  
Other   1,881     3,902  
Changes in assets and liabilities:        
Decrease/(increase) in real estate   9,080     (110,295 )
(Increase)/decrease in deposits on real estate under option or contract   (12,910 )   5,773  
Decrease/(increase) in other receivables, prepaids and other assets   4,933     (3,108 )
Increase in accounts payable and accrued liabilities   60,039     84,632  
Increase in home sale deposits   1,263     2,808  
Net cash provided by operating activities   373,082     167,360  
Cash flows from investing activities:        
Investments in unconsolidated entities   (4 )   (1,112 )
Distributions of capital from unconsolidated entities   1,000     7,250  
Purchases of property and equipment   (14,771 )   (18,376 )
Proceeds from sales of property and equipment   528     267  
Maturities/sales of investments and securities   632     675  
Payments to purchase investments and securities   (632 )   (675 )
Net cash used in investing activities   (13,247 )   (11,971 )
Cash flows from financing activities:        
Repayment of loans payable and other borrowings   (8,509 )   (3,086 )
Repurchase of shares   (60,813 )   (8,957 )
Net cash used in financing activities   (69,322 )   (12,043 )
Net increase in cash and cash equivalents   290,513     143,346  
Beginning cash and cash equivalents   319,466     311,466  
Ending cash and cash equivalents   $ 609,979     $ 454,812  



Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands) 
(Unaudited)

    Three Months Ended September 30,
    2020   2019
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   429     $ 143,630     440     $ 144,920  
California   332     202,460     200     135,555  
Colorado   183     88,199     169     85,674  
West Region   944     434,289     809     366,149  
Texas   1,059     349,907     810     278,744  
Central Region   1,059     349,907     810     278,744  
Florida   339     124,836     302     118,804  
Georgia   178     62,921     139     46,984  
North Carolina   295     98,322     206     77,696  
South Carolina   78     25,502     75     23,768  
Tennessee   111     37,444     78     27,040  
East Region   1,001     349,025     800     294,292  
Total   3,004     $ 1,133,221     2,419     $ 939,185  
Homes Ordered:                
Arizona   709     $ 240,151     482     $ 159,778  
California   510     319,680     198     124,201  
Colorado   188     88,972     156     74,498  
West Region   1,407     648,803     836     358,477  
Texas   1,183     395,453     649     217,648  
Central Region   1,183     395,453     649     217,648  
Florida   491     179,607     293     111,471  
Georgia   172     62,541     138     47,527  
North Carolina   386     132,988     188     69,017  
South Carolina   90     28,140     55     17,520  
Tennessee   122     40,948     99     36,735  
East Region   1,261     444,224     773     282,270  
Total   3,851     $ 1,488,480     2,258     $ 858,395  




    Nine Months Ended September 30,
    2020   2019
    Homes   Value   Homes   Value
Homes Closed:                
Arizona   1,315     $ 437,233     1,126     $ 368,762  
California   787     487,605     464     304,846  
Colorado   553     268,970     507     264,479  
West Region   2,655     1,193,808     2,097     938,087  
Texas   2,747     901,791     2,176     760,189  
Central Region   2,747     901,791     2,176     760,189  
Florida   942     357,233     809     321,364  
Georgia   459     163,617     380     132,440  
North Carolina   805     276,477     558     204,866  
South Carolina   229     73,113     202     66,513  
Tennessee   253     89,190     215     77,429  
East Region   2,688     959,630     2,164     802,612  
Total   8,090     $ 3,055,229     6,437     $ 2,500,888  
                 
Homes Ordered:                
Arizona   2,016     $ 654,579     1,521     $ 493,391  
California   1,250     769,251     572     368,194  
Colorado   540     258,268     580     290,060  
West Region   3,806     1,682,098     2,673     1,151,645  
Texas   3,457     1,130,943     2,346     799,293  
Central Region   3,457     1,130,943     2,346     799,293  
Florida   1,198     435,411     925     369,503  
Georgia   518     182,958     431     149,731  
North Carolina   999     340,626     658     241,573  
South Carolina   272     85,316     205     65,540  
Tennessee   300     101,518     285     102,084  
East Region   3,287     1,145,829     2,504     928,431  
Total   10,550     $ 3,958,870     7,523     $ 2,879,369  
                 
Order Backlog:                
Arizona   1,212     $ 404,044     738     $ 258,341  
California   608     373,949     199     129,880  
Colorado   183     87,047     258     129,167  
West Region   2,003     865,040     1,195     517,388  
Texas   1,758     602,709     1,151     413,229  
Central Region   1,758     602,709     1,151     413,229  
Florida   627     242,419     488     213,427  
Georgia   192     69,204     174     63,730  
North Carolina   413     143,741     277     104,162  
South Carolina   114     36,723     92     31,474  
Tennessee   135     45,145     142     53,623  
East Region   1,481     537,232     1,173     466,416  
Total   5,242     $ 2,004,981     3,519     $ 1,397,033  




Meritage Homes Corporation and Subsidiaries
Operating Data
(Unaudited)

    Three Months Ended September 30,
    2020   2019
    Ending   Average   Ending   Average
Active Communities:                
Arizona   35     36.5     37     38.5  
California   20     24.0     24     22.0  
Colorado   11     12.0     20     20.5  
West Region   66     72.5     81     81.0  
Texas   58     63.0     74     73.5  
Central Region   58     63.0     74     73.5  
Florida   34     35.0     36     36.0  
Georgia   11     14.0     18     19.5  
North Carolina   20     20.5     22     22.5  
South Carolina   6     5.5     10     9.5  
Tennessee   9     10.0     9     10.0  
East Region   80     85.0     95     97.5  
Total   204     220.5     250     252.0  



    Nine Months Ended September 30,
    2020   2019
    Ending   Average   Ending   Average
Active Communities:                
Arizona   35     34.3     37     38.5  
California   20     25.3     24     20.5  
Colorado   11     13.8     20     20.0  
West Region   66     73.4     81     79.0  
Texas   58     70.3     74     84.5  
Central Region   58     70.3     74     84.5  
Florida   34     34.4     36     33.5  
Georgia   11     15.3     18     20.0  
North Carolina   20     21.6     22     23.5  
South Carolina   6     6.8     10     11.0  
Tennessee   9     10.3     9     9.5  
East Region   80     88.4     95     97.5  
Total   204     232.1     250     261.0  



About Meritage Homes Corporation
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2019. Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.

The Company has designed and built over 135,000 homes in its 35-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. Meritage is the industry leader in energy-efficient homebuilding and a seven-year recipient of the U.S. Environmental Protection Agency’s ENERGY STAR Partner of the Year for Sustained Excellence Award since 2013 for innovation and industry leadership in energy efficient homebuilding. 

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding health of the housing market and the potential adverse impacts of the COVID-19 pandemic, and projected full year 2020 home closings, home closing revenue, gross margins and diluted earnings per share.

Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations, except as required by law. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: disruptions to our business by COVID-19, fear of a similar event, and measures implemented by federal, state and local governments or health authorities to address it; the availability and cost of finished lots and undeveloped land; shortages in the availability and cost of labor; the ability of our potential buyers to sell their existing homes; changes in interest rates and the availability and pricing of residential mortgages; our exposure to information technology failures and security breaches; legislation related to tariffs; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slow absorption rates; impairments of our real estate inventory; cancellation rates; competition; changes in tax laws that adversely impact us or our homebuyers; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest or option deposits; our potential exposure to and impacts from natural disasters or severe weather conditions; home warranty and construction defect claims; failures in health and safety performance; our ability to obtain performance and surety bonds in connection with our development work; the loss of key personnel; failure to comply with laws and regulations; our limited geographic diversification; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our compliance with government regulations, the effect of legislative and other governmental actions, orders, policies or initiatives that impact housing, labor availability, construction, mortgage availability, our access to capital, the cost of capital or the economy in general, or other initiatives that seek to restrain growth of new housing construction or similar measures; legislation relating to energy and climate change; the replication of our energy-efficient technologies by our competitors; negative publicity that affects our reputation and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2019 and our Form 10-Q for the quarter ended June 30, 2020 under the caption "Risk Factors," which can be found on our website at www.investors.meritagehomes.com.

Contacts:   Emily Tadano, VP Investor Relations
    (480) 515-8979 (office)
    investors@meritagehomes.com

Meritage Homes Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Meritage Homes reports record third quarter 2020 orders 71% higher than prior year; 56% increase in net earnings with 21% revenue growth and 21.5% gross margin SCOTTSDALE, Ariz., Oct. 21, 2020 (GLOBE NEWSWIRE) - Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, reported third quarter results for the period ended September 30, 2020. Summary Operating Results (unaudited)(Dollars in …

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