MTH (98.64) had a strong report out yesterday and guided for EPS of around $24 for 2022, yet the stock dropped 2% today .... at some point bargain hunters will arive, but not so far.
briefing -
Meritage beats by $0.25, reports revs in-line; guides FY22 EPS above consensus (100.46 -4.04) :
Reports Q4 (Dec) earnings of $6.25 per share, $0.25 better than the S&P Capital IQ Consensus of $6.00; revenues rose 6.4% year/year to $1.5 bln vs the $1.51 bln S&P Capital IQ Consensus.
Orders of 3,367 homes for the fourth quarter of 2021 were 6% higher year-over-year, driven by a 24% increase in average active community count, which was partially offset by a decrease in average absorptions per store to 4.5 per month from our highest fourth quarter average absorption pace of 5.3 per month in the fourth quarter of 2020.
Q4 homes closed down 6% yr/yr to 3,526.
Home closing gross margin improved 500 bps to 29.0% in the fourth quarter of 2021 from 24.0% in the prior year. Higher ASP more than offset high commodity costs.
"Given our heavy backlog of nearly 5,700 sold homes and our growing community count, we are projecting 14,500-15,500 home closings for the full year 2022, which we anticipate will generate $6.1-6.5 billion in home closing revenue. Home closing gross margin is projected to be around 27.75%."
Co issues upside guidance for FY22, sees EPS of $23.15-24.65 vs. $23.13 S&P Capital IQ Consensus. Expects home closing revenue of $6.1-6.5 bln vs the $6.17 bln S&P Capital IQ Consensus.
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