Q3 2024 Beazer Homes USA Inc Earnings Call Transcript
Key Points
- Beazer Homes USA Inc (BZH) achieved adjusted EBITDA of $53.5 million and diluted earnings per share of $0.88 for the third quarter.
- The company reported a significant increase in its lot pipeline, now having more than 28,000 lots, up 25% from the previous year.
- Beazer Homes USA Inc (BZH) reached a major milestone in energy efficiency, closing more homes to the DOE's single-family zero energy ready requirements than any other homebuilder in the country.
- The company expects to end fiscal 2024 with a community count exceeding 155, representing annual growth of about 15%, with similar growth anticipated in fiscal 2025.
- Beazer Homes USA Inc (BZH) is on track to achieve its target of having net debt to net cap below 30% by the end of fiscal year 2026.
- New home orders were softer than anticipated, with a sales pace of 2.4 sales per community per month, below expectations.
- The sales environment was challenging, with many prospective buyers struggling to qualify for mortgages and others deferring purchases due to expectations of lower mortgage rates.
- Weather events in Texas, particularly in Houston and San Antonio, disrupted sales, impacting results negatively.
- The company faced weak sales in Houston and San Antonio, which weighed on overall results, with these markets representing about a quarter of the community count.
- Beazer Homes USA Inc (BZH) anticipates no improvement in the macro or company-specific environment for the fourth quarter, maintaining a conservative outlook.
Good afternoon, and welcome to the Beazer Homes earnings conference call for the third quarter ended June 30, 2024 today's call is being recorded, and a replay will be available on the company's website later today. In addition, PowerPoint slides intended to accompany this call are available in the Investor Relations section of the Company's website at www.beazer.com.
At this point, I will turn the call over to David Goldberg, Senior Vice President and Chief Financial Officer.
Thank you. Good afternoon and welcome to the Beazer Homes conference call discussing our results for the third quarter of fiscal 2024. Before we begin, you should be aware that during this call, we will be making forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors described in our SEC filings, which may cause actual results to differ materially from our projections. Any forward
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