Quarter Ended Mar 31, 2020
Net earnings for the first quarter of 2020 totaled $71.2 million ($1.83 per diluted share), compared to $25.4 million ($0.65 per diluted share) for the first quarter of 2019. The 182% increase in diluted EPS reflected the combination of increases in home closing revenue, gross margins and greater overhead leverage, in addition to lower interest expense and income taxes in the first quarter of 2020.
Total orders for the first quarter of 2020 increased 23% year-over-year, driven by a 35% year-over-year increase in absorptions.
Home closing gross margin improved 330 bps to 20.0% from 16.7% a year ago, contributing to a 53% increase in total home closing gross profit over the prior year's first quarter.
For Fiscal Year Ending Dec 31, 2019
For complete information regarding our financials, see our periodic filings
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East Bay, Central Valley, Sacramento and Southern CA; Phoenix / Scottsdale and Tucson, AZ; Denver, CO; Dallas / Fort Worth, Austin, San Antonio and Houston, TX; Nashville, TN; Raleigh and Charlotte, NC; Greenville, SC; Atlanta, GA; Orlando, Tampa and South Florida
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2019. Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.
The Company has designed and built over 125,000 homes in its 35-year history and has a reputation for its distinctive style, quality construction, and award-winning customer experience. Meritage is the industry leader in energy-efficient homebuilding and a seven-year recipient of the U.S. Environmental Protection Agency's ENERGY STAR® Partner of the Year for Sustained Excellence Award since 2013 for innovation and industry leadership in energy efficient homebuilding.
Meritage Homes Corporation
8800 E. Raintree Drive
Scottsdale, AZ 85260
T: (480) 515-8100
Vice President, Investor Relations
T: (972) 580-6360
250 Royall Street
Canton, MA 02021
T: (800) 851-9677