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