Tuesday, Meritage Homes Corp. (MTH) announced that its fourth-quarter made profit compared to loss in the prior year quarter.
The company recorded net profit of $43.29 million or $1.35 per share, compared to a net loss of $79.15 million or $2.58 per share in the prior year quarter.
The company recorded a 24% increased in net sales orders over 2008, with around 50% higher sales per community.
Total closing revenue for the quarter was $285.82 million, down from $399.58 million in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.44 per share on revenues of $285.01 million for the quarter. Analysts' estimates typically exclude special items.
Meritage reported net loss for the full year of 2009 of $66 million or $2.12 per share, compared to net loss of $292.0 million or $9.95 per share for the previous year. Total closing revenue for the full year was $970.31 million, compared to $1.52 billion for the last year period.
Analysts expected the company to post a loss of $3.84 per share on revenues of $968.10 million for the full year.
MTH closed Tuesday's regular trading at $21.37 up $0.82 or 3.99% on the NYSE, however, in the after hour trading the stock price increased to $21.91 up $0.54 or 2.53%.
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