Plus   Neg

Beazer Homes USA Announces $50 Mln Stock Repurchase Plan

Beazer Homes USA Inc. (BZH) said that its board has approved a new share repurchase program authorizing management to repurchase up to $50 million of the company's outstanding common stock. The company intends to reduce its outstanding Senior Notes by approximately the same dollar value of shares repurchased during fiscal 2019.
The company said it intends to update its previous guidance for fiscal year 2019 on its earnings call.

Under the repurchase program, the Company intends to initially purchase $16.5 million of its outstanding shares pursuant to an accelerated share repurchase program (ASR).

Net income from continuing operations for the fourth quarter 2018 was $60.5 million, an increase of $26.8 million from the fourth quarter of fiscal 2017. This included a tax benefit of $18.9 million driven by an additional release of the valuation allowance for the Company's deferred tax asset. Offsetting the tax benefit were a $1.9 million loss on debt extinguishment from the retirement of the Company's 2019 Senior Notes, as well as $6.3 million in inventory impairments.

On a pretax basis, income from continuing operations, excluding impairments, abandonments and the loss (or gain) on debt extinguishment was up more than $13 million, due to higher ASPs and improved SG&A leverage.

Homebuilding revenue for the fourth quarter increased 14.4% over the prior year to $761.5 million. This was driven by a 6.6% rise in average selling price to $372.6 thousand, combined with a 7.4% increase in closings to 2,044 homes.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Walmart Inc. (WMT) reported adjusted EPS of $1.41 for the fourth-quarter of fiscal 2019. On average, 27 analysts polled by Thomson Reuters expected the company to report profit per share of $1.33 for the quarter. Analysts' estimates typically exclude special items. Net income attributable to Walmart... Anglo-Australian miner BHP, formerly known as BHP Billiton, reported Tuesday higher attributable profit in its first half, while revenues were flat. Underlying EBITDA margin was lower. Further, the company maintained its dividend. Looking ahead, the company said its productivity for the 2019 financial year is now expected to be broadly flat. Asia-focused lender HSBC Holdings Plc reported Tuesday higher profit in its fiscal 2018 reflecting revenue growth in all of global businesses, despite a challenging fourth quarter. Further, the company said it reported a good start to 2019, noting that Group revenue performance in January was ahead of plan for the month. In London, HSBC shares were losing around 4 percent in the morning trading.
Follow RTT