Meritage Homes Second Quarter 2012 Numbers
$ 8.0M +1,324%
Behind the Numbers:
Meritage pushed itself into profitability in its second quarter, logging its highest quarter for orders in four years. In fact, all the company’s key metrics improved, including closings, average sale price, revenue, orders, backlog, gross margin, and net earnings. Meritage CEO Steven Hilton said he expects the company to continue to grow, closing 4,000 houses by year’s end. Meritage also spent a big part of the quarter further positioning itself for growth. It added 2,144 new lots and continued to grow its positions in its new markets in Charlotte, N.C., Raleigh, N.C., and Tampa, Fla. It also spent some time making sure it has the capital to continue to invest in new markets. It refinanced its long-term debt to push its due date out to 2017 and sold more stock netting $87 million more to further fuel its expansion.
Meritage’s fiscal year ends December 31.