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UPDATE 1-Beazer Homes posts wider-than-expected loss as costs rise
May 2, 2012 / 12:35 PM / 5 years ago

UPDATE 1-Beazer Homes posts wider-than-expected loss as costs rise

* Q2 adj shr loss $0.51 vs est $0.43

* Q2 rev $191.6 mln vs est $192.5 mln

* Construction, land sales costs up 56 pct in the quarter

May 2 (Reuters) - Diversified homebuilder Beazer Homes USA posted a wider-than-expected quarterly loss on higher construction and land sales costs, and said it remains cautiously hopeful on the prospects of a sustained housing market recovery.

The company’s second-quarter net loss from continuing operations narrowed to $37.9 million, or 48 cents per share, from $53.8 million, or 73 cents per share, a year earlier.

Excluding items, the company posted a net loss of 51 cents per share, that missed analysts’ estimates of a loss of 43 cents per share, according to Thomson Reuters I/B/E/S.

Home construction and land sales costs rose about 56 percent to $170.3 million during the quarter.

Revenue rose about 52 percent to $191.6 million, but that was below analysts’ expectations of $192.5 million.

Total home closings on a continuing operations basis were up about 45 percent to 845 homes, the company said in a statement.

Net new home orders increased 29 percent.

Beazer shares closed at $3.10 on the New York Stock Exchange on Tuesday.

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