US-based homebuilder Meritage Homes Corp. (MTH) on Monday reported a narrower loss for the third quarter, mainly benefitting from 76% reduction in pre-tax real estate-related impairment charges.
For the latest quarter, the company posted a loss of $17.79 million or $0.56 per share, narrower than a loss of $144.01 million or $4.69 per share reported in the year-ago quarter. Pre-tax loss was $17.64 million, versus a loss of $61.58 million in earlier year. Adjusted pre-tax loss was $4.39 million, compared to a loss of $6.5 million in the preceding year.
On average, nine analysts polled by Thomson Reuters expected the company to report a loss of $0.63 per share. Analysts' estimates typically exclude special items.
The company said the improved results in 2009 benefited from lower pre-tax real estate-related impairment charges of $13 million in 2009, compared to $55 million of similar charges in 2008.
Three-month total closing revenue plunged to $231.82 million from $374.77 million in the previous year. Seven Wall Street analysts anticipated revenues of $233.41 million.
Segment-wise, home closing revenue fell 38% year-over-year to $231.82 million from $372.91 million, hurt by 29% fewer homes closed, coupled with a 13% lower average closing price of around $228 thousands in the third quarter of 2009, in comparison with approximately $262 thousands in the third quarter of 2008. Land closing revenue was absent in the most recent quarter, whereas in the prior year, the company recorded land closing revenue of $1.86 million.
Total closing gross profit for the third quarter was $22.9 million, compared to gross loss of $6.26 million in the corresponding period last year.
For the first nine months, Meritage Homes' net loss narrowed to $109.42 million or $3.52 per share from $212.79 million or $7.37 million reported in the same period last year.
Total closing revenue for the nine-month period dipped to $684.49 million from $1.12 billion in the year-ago period.
Shares of MTH closed Monday's regular trade at $19.21, down $0.47 or 2.39%, on a volume of 778K shares. In the after hours, the company's shares rose $0.29 or 1.51% to $19.50.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.