Meritage Homes at a Glance
9
States
36
Years in Business
135,000+
Homes Built
Latest Presentation
View All PresentationsRecent Event
View All EventsFourth Quarter 2020 Earnings Release and Webcast Conference Call
Latest Financial Results
Q4 & FY 2020
Fiscal Year Ended Dec 31, 2020
$423.5 M
Net earnings totaled $423.5 million ($11.00 per diluted share) for the full year 2020, compared to $249.7 million ($6.42 per diluted share) in 2019. The 70% year-over-year increase (71% for diluted EPS) reflects greater home closing revenue and gross margin, decreased SG&A expenses and $24.9 million of total impairments in the current year, compared to $7.3 million of inventory impairments as well as a $5.6 million charge for early extinguishment of debt in the prior year. Full year diluted EPS also benefited from the reduction in diluted shares after the repurchase of 1.1 million shares in 2020.
43%
Total orders for the full year 2020 were 43% higher year-over-year, as absorptions were 5.2 per month in 2020, up from 3.1 per month in 2019. The 68% increase in absorptions was primarily driven by strength in the market during most of 2020, as well as the product mix shift toward the higher pace entry-level homes. For the full year 2020, entry-level represented 68% of sales orders, compared to 51% for 2019.
22%
Home closing gross margin improved 310 bps to 22.0% for the full year 2020, compared to 18.9% in 2019, reflecting the benefits of higher ASPs, as well as Meritage's strategic streamlining of operations, including cost efficiencies and leverage from additional home closing volume. Home closing gross profit increased 44% to $980.4 million for the full year 2020.
Latest Annual Filing
For Fiscal Year Ending Dec 31, 2020
Report Links
For complete information regarding our financials, see our periodic filings
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Broad Footprint in Growing Markets
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
A Renowned Leader in Energy-efficient Homebuilding
Meritage Homes is the sixth-largest public homebuilder in the United States, based on homes closed in 2020. 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 delivered over 135,000 homes in its 36-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.
Average Community Count by Product Type
4Q20
Orders by Product Type
4Q20
Recent Quarterly Results by Region
West Region
Home Closing Revenue (In thousands)
Central Region
Home Closing Revenue (In thousands)
East Region
Home Closing Revenue (In thousands)
West Region
Homes Closed
Central Region
Homes Closed
East Region
Homes Closed
Investor Contact Information
Company
Meritage Homes Corporation
8800 E. Raintree Drive
Suite 300
Scottsdale, AZ 85260
T: (480) 515-8100
Contact.Center@MeritageHomes.com
Investor Relations
Emily Tadano
Vice President, Investor Relations
T: (480) 515-8979
Investors@MeritageHomes.com
Transfer Agent
Computershare
250 Royall Street
Canton, MA 02021
T: (800) 851-9677
www.computershare.com