Tri Pointe Homes, Inc. (TPH) reported Tuesday that its fourth-quarter net income available to common stockholders was $132.83 million or $1.36 per share, compared to $202.97 million or $1.98 per share last year.
Home sales revenue for the quarter decreased 17 percent to $1.24 billion from $1.50 billion a year ago.
Analysts on average expected the company to report earnings of $1.18 per share on sales of $1.19 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
New home deliveries were 1,813 homes, compared to 2,016 homes last year, a decrease of 10 percent. Net new home orders of 1,078 increased 143 percent.
Looking ahead for the first quarter of 2024, the Company anticipates delivering between 1,200 and 1,400 homes at an average sales price between $645,000 and $655,000. The Company expects its homebuilding gross margin percentage to be in the range of 22.0 percent to 23.0 percent.
For the full year of 2024, the Company anticipates delivering between 6,000 and 6,300 homes at an average sales price between $645,000 and $655,000. The Company expects its homebuilding gross margin percentage to be in the range of 21.5 percent to 22.5 percent.
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