Fiscal Year Ended Dec 31, 2019
Net earnings increased 37% to $103.6 million ($2.65 per diluted share) for the fourth quarter of 2019, compared to $75.5 million ($1.91 per diluted share) for the fourth quarter of 2018, also benefiting from retroactive energy tax credits recorded in 2019.
Total orders for the fourth quarter of 2019 increased 27% year-over-year, driven by a 37% year-over-year increase in absorptions, largely due to strong demand for Meritage’s entry-level priced LiVE.NOW. homes.
Home closing gross margin improved 80 bps to 19.8% from 19.0% a year ago, contributing to a 16% increase in total home closing gross profit on an 11% increase in home closing revenue.
For Fiscal Year Ending Dec 31, 2019
For complete information regarding our financials, see our periodic filings
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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 has received the U.S. Environmental Protection Agency's ENERGY STAR® Partner of the Year for Sustained Excellence Award every year 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