TPH out with a strong report, way ahead of analyst estimates - new home orders down, but they have a large backlog, up 14% y/y, so that may have been deliberate to keep the backlog under control.
briefing -
TRI Pointe Homes beats by $0.28, beats on revs (23.92 ) :
Reports Q3 (Sep) earnings of $1.17 per share, $0.28 better than the S&P Capital IQ Consensus of $0.89; revenues rose 24.6% year/year to $1.03 bln vs the $0.95 bln S&P Capital IQ Consensus.
Net new home orders of 1,349 compared to 1,933, a decrease of 30%.
Backlog units at quarter end of 3,619 homes compared to 3,188, an increase of 14%.
For the full year, the Company expects to open approximately 70 new communities and end the year with between 110 and 115 active selling communities. In addition, the Company anticipates delivering between 6,000 and 6,300 homes at an average sales price between $635,000 and $640,000. The Company expects homebuilding gross margin percentage to be in the range of 24.5% to 25.0% for the full year and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 9.8% to 10.2%. Finally, the Company expects its effective tax rate for the full year to be approximately 25%.
