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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Meritage Homes Corp | NYSE:MTH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 188.13 | 0 | 10:29:02 |
Summary Operating Results (unaudited) | ||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | % Chg | 2017 | 2016 | % Chg | |||||||||||||||||
Homes closed (units) | 1,969 | 1,800 | 9 | % | 5,456 | 5,238 | 4 | % | ||||||||||||||
Home closing revenue | $ | 805,008 | $ | 735,870 | 9 | % | $ | 2,263,405 | $ | 2,127,332 | 6 | % | ||||||||||
Average sales price - closings | $ | 409 | $ | 409 | — | % | $ | 415 | $ | 406 | 2 | % | ||||||||||
Home orders (units) | 1,874 | 1,737 | 8 | % | 6,162 | 5,797 | 6 | % | ||||||||||||||
Home order value | $ | 765,027 | $ | 715,562 | 7 | % | $ | 2,536,448 | $ | 2,365,508 | 7 | % | ||||||||||
Average sales price - orders | $ | 408 | $ | 412 | (1 | )% | $ | 412 | $ | 408 | 1 | % | ||||||||||
Ending backlog (units) | 3,333 | 3,251 | 3 | % | ||||||||||||||||||
Ending backlog value | $ | 1,408,801 | $ | 1,375,857 | 2 | % | ||||||||||||||||
Average sales price - backlog | $ | 423 | $ | 423 | — | % | ||||||||||||||||
Earnings before income taxes | $ | 63,455 | $ | 53,802 | 18 | % | $ | 163,429 | $ | 141,723 | 15 | % | ||||||||||
Net earnings | $ | 42,550 | $ | 36,887 | 15 | % | $ | 107,702 | $ | 97,734 | 10 | % | ||||||||||
Diluted EPS | $ | 1.02 | $ | 0.88 | 16 | % | $ | 2.55 | $ | 2.33 | 9 | % |
MANAGEMENT COMMENTS
“We are pleased with our results for the third quarter of 2017, despite the disruptions caused by the hurricanes that hit Houston and Florida," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "We grew our third quarter orders, home closings and revenue year-over-year, increased sales productivity in our East region, and made good progress on our strategic initiatives to expand earnings by improving our gross margins and managing overhead expenses for additional leverage. Our home closing margin improved to 18.1% and our overhead leverage improved by 80 basis points, helping to drive an 18% increase in pre-tax earnings and a 16% improvement in diluted earnings per share compared to last year's third quarter."
Mr. Hilton continued, “Considering the results we’ve achieved in the first nine months of the year and adjusting for delays due to weather events, we are modestly reducing our closings and revenue guidance while maintaining our 2017 earnings expectations due to our strong third quarter performance. We expect to deliver approximately 7,600-7,800 homes and closing revenue of $3.15-3.25 billion for the year. On that level of closings and revenue, we are maintaining our expectations for approximately $235-245 million in pre-tax earnings with full year 2017 gross margin in line with 2016.”
He concluded, "Demand continues to be healthy across all of our markets, especially for our entry-level and LiVE.NOW. homes. More than ever, buyers appreciate that they can get Meritage's quality, energy efficiency and advanced technology in affordably-priced homes. As we continue to execute our strategy to serve the growing population of first-time buyers, we foresee additional growth opportunities for Meritage."
THIRD QUARTER RESULTS
YEAR TO DATE RESULTS
BALANCE SHEET
CONFERENCE CALL
Management will host a conference call at 11:00 a.m. Eastern Time (8:00 a.m. in Arizona) today to discuss the Company's results. The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's website at http://investors.meritagehomes.com. Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.
Conference Call registration link: http://dpregister.com/10112737.
Telephone participants who are unable to pre-register may dial in on 866-226-4948 on the day of the call. International dial-in number is 1-412-902-4125 or 1-855-669-9657 for Canada.
A replay of the call will be available beginning at approximately 1:00 p.m. ET on October 27 and extending through November 15, 2017, on the website noted above or by dialing 877-344-7529, 1-412-317-0088 for international or 1-855-669-9658 for Canada, and referencing conference number 10112737.
Meritage Homes Corporation and Subsidiaries | ||||||||||||||||
Consolidated Income Statements | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Homebuilding: | ||||||||||||||||
Home closing revenue | $ | 805,008 | $ | 735,870 | $ | 2,263,405 | $ | 2,127,332 | ||||||||
Land closing revenue | 589 | 16,987 | 16,942 | 21,187 | ||||||||||||
Total closing revenue | 805,597 | 752,857 | 2,280,347 | 2,148,519 | ||||||||||||
Cost of home closings | (659,350 | ) | (604,891 | ) | (1,869,569 | ) | (1,755,260 | ) | ||||||||
Cost of land closings | (1,646 | ) | (16,092 | ) | (15,504 | ) | (19,485 | ) | ||||||||
Total cost of closings | (660,996 | ) | (620,983 | ) | (1,885,073 | ) | (1,774,745 | ) | ||||||||
Home closing gross profit | 145,658 | 130,979 | 393,836 | 372,072 | ||||||||||||
Land closing gross (loss)/profit | (1,057 | ) | 895 | 1,438 | 1,702 | |||||||||||
Total closing gross profit | 144,601 | 131,874 | 395,274 | 373,774 | ||||||||||||
Financial Services: | ||||||||||||||||
Revenue | 3,549 | 3,139 | 10,142 | 9,115 | ||||||||||||
Expense | (1,524 | ) | (1,398 | ) | (4,454 | ) | (4,152 | ) | ||||||||
Earnings from financial services unconsolidated entities and other, net | 3,489 | 4,215 | 9,673 | 10,802 | ||||||||||||
Financial services profit | 5,514 | 5,956 | 15,361 | 15,765 | ||||||||||||
Commissions and other sales costs | (55,845 | ) | (52,478 | ) | (158,866 | ) | (155,034 | ) | ||||||||
General and administrative expenses | (31,636 | ) | (33,258 | ) | (90,849 | ) | (91,774 | ) | ||||||||
(Loss)/earnings from other unconsolidated entities, net | (91 | ) | 440 | 852 | 856 | |||||||||||
Interest expense | (1,116 | ) | (167 | ) | (3,561 | ) | (5,127 | ) | ||||||||
Other income, net | 2,028 | 1,435 | 5,218 | 3,263 | ||||||||||||
Earnings before income taxes | 63,455 | 53,802 | 163,429 | 141,723 | ||||||||||||
Provision for income taxes | (20,905 | ) | (16,915 | ) | (55,727 | ) | (43,989 | ) | ||||||||
Net earnings | $ | 42,550 | $ | 36,887 | $ | 107,702 | $ | 97,734 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | ||||||||||||||||
Earnings per share | $ | 1.06 | $ | 0.92 | $ | 2.67 | $ | 2.45 | ||||||||
Weighted average shares outstanding | 40,323 | 40,022 | 40,273 | 39,958 | ||||||||||||
Diluted | ||||||||||||||||
Earnings per share | $ | 1.02 | $ | 0.88 | $ | 2.55 | $ | 2.33 | ||||||||
Weighted average shares outstanding | 42,011 | 42,608 | 42,585 | 42,541 |
Meritage Homes Corporation and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
September 30, 2017 | December 31, 2016 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 115,167 | $ | 131,702 | ||||
Other receivables | 78,933 | 70,355 | ||||||
Real estate (1) | 2,762,269 | 2,422,063 | ||||||
Real estate not owned | 39,793 | — | ||||||
Deposits on real estate under option or contract | 67,547 | 85,556 | ||||||
Investments in unconsolidated entities | 16,378 | 17,097 | ||||||
Property and equipment, net | 32,080 | 33,202 | ||||||
Deferred tax asset | 56,870 | 53,320 | ||||||
Prepaids, other assets and goodwill | 83,121 | 75,396 | ||||||
Total assets | $ | 3,252,158 | $ | 2,888,691 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 140,492 | $ | 140,682 | ||||
Accrued liabilities | 193,102 | 170,852 | ||||||
Home sale deposits | 39,446 | 28,348 | ||||||
Liabilities related to real estate not owned | 35,768 | — | ||||||
Loans payable and other borrowings | 38,082 | 32,195 | ||||||
Senior and convertible senior notes, net | 1,266,160 | 1,095,119 | ||||||
Total liabilities | 1,713,050 | 1,467,196 | ||||||
Stockholders' Equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 403 | 400 | ||||||
Additional paid-in capital | 582,414 | 572,506 | ||||||
Retained earnings | 956,291 | 848,589 | ||||||
Total stockholders’ equity | 1,539,108 | 1,421,495 | ||||||
Total liabilities and stockholders’ equity | $ | 3,252,158 | $ | 2,888,691 | ||||
(1) Real estate – Allocated costs: | ||||||||
Homes under contract under construction | $ | 677,456 | $ | 508,927 | ||||
Unsold homes, completed and under construction | 484,701 | 431,725 | ||||||
Model homes | 140,326 | 147,406 | ||||||
Finished home sites and home sites under development | 1,459,786 | 1,334,005 | ||||||
Total real estate | $ | 2,762,269 | $ | 2,422,063 |
Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands – unaudited): | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation and amortization | $ | 4,199 | $ | 3,870 | $ | 12,071 | $ | 11,470 | |||||||
Summary of Capitalized Interest: | |||||||||||||||
Capitalized interest, beginning of period | $ | 72,327 | $ | 64,682 | $ | 68,196 | $ | 61,202 | |||||||
Interest incurred | 21,024 | 17,372 | 58,199 | 52,644 | |||||||||||
Interest expensed | (1,116 | ) | (167 | ) | (3,561 | ) | (5,127 | ) | |||||||
Interest amortized to cost of home and land closings | (15,462 | ) | (14,256 | ) | (46,061 | ) | (41,088 | ) | |||||||
Capitalized interest, end of period | $ | 76,773 | $ | 67,631 | $ | 76,773 | $ | 67,631 | |||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Notes payable and other borrowings | $ | 1,304,242 | $ | 1,127,314 | |||||||||||
Stockholders' equity | 1,539,108 | 1,421,495 | |||||||||||||
Total capital | 2,843,350 | 2,548,809 | |||||||||||||
Debt-to-capital | 45.9 | % | 44.2 | % | |||||||||||
Notes payable and other borrowings | $ | 1,304,242 | $ | 1,127,314 | |||||||||||
Less: cash and cash equivalents | $ | (115,167 | ) | $ | (131,702 | ) | |||||||||
Net debt | 1,189,075 | 995,612 | |||||||||||||
Stockholders’ equity | 1,539,108 | 1,421,495 | |||||||||||||
Total net capital | $ | 2,728,183 | $ | 2,417,107 | |||||||||||
Net debt-to-capital | 43.6 | % | 41.2 | % |
Meritage Homes Corporation and Subsidiaries | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 107,702 | $ | 97,734 | ||||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||||
Depreciation and amortization | 12,071 | 11,470 | ||||||
Stock-based compensation | 9,898 | 11,042 | ||||||
Excess income tax provision from stock-based awards | — | 540 | ||||||
Equity in earnings from unconsolidated entities | (10,525 | ) | (11,658 | ) | ||||
Distribution of earnings from unconsolidated entities | 10,410 | 11,439 | ||||||
Other | 1,265 | 4,942 | ||||||
Changes in assets and liabilities: | ||||||||
Increase in real estate | (336,069 | ) | (318,490 | ) | ||||
Decrease/(increase) in deposits on real estate under option or contract | 13,633 | (3,160 | ) | |||||
Increase in other receivables, prepaids and other assets | (15,207 | ) | (14,201 | ) | ||||
Increase in accounts payable and accrued liabilities | 21,298 | 61,206 | ||||||
Increase in home sale deposits | 11,098 | 791 | ||||||
Net cash used in operating activities | (174,426 | ) | (148,345 | ) | ||||
Cash flows from investing activities: | ||||||||
Investments in unconsolidated entities | (404 | ) | (242 | ) | ||||
Distributions of capital from unconsolidated entities | 1,250 | — | ||||||
Purchases of property and equipment | (12,038 | ) | (12,256 | ) | ||||
Proceeds from sales of property and equipment | 251 | 144 | ||||||
Maturities/sales of investments and securities | 1,297 | 645 | ||||||
Payments to purchase investments and securities | (1,297 | ) | (645 | ) | ||||
Net cash used in investing activities | (10,941 | ) | (12,354 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from Credit Facility, net | 10,000 | 25,000 | ||||||
Repayment of loans payable and other borrowings | (10,491 | ) | (18,286 | ) | ||||
Repurchase of convertible senior notes | (126,691 | ) | — | |||||
Proceeds from issuance of senior notes | 300,000 | — | ||||||
Payment of debt issuance costs | (3,986 | ) | — | |||||
Excess income tax provision from stock-based awards | — | (540 | ) | |||||
Proceeds from stock option exercises | — | 232 | ||||||
Net cash provided by financing activities | 168,832 | 6,406 | ||||||
Net decrease in cash and cash equivalents | (16,535 | ) | (154,293 | ) | ||||
Beginning cash and cash equivalents | 131,702 | 262,208 | ||||||
Ending cash and cash equivalents | $ | 115,167 | $ | 107,915 |
Meritage Homes Corporation and Subsidiaries | ||||||||||||||
Operating Data | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Homes | Value | Homes | Value | |||||||||||
Homes Closed: | ||||||||||||||
Arizona | 424 | $ | 141,249 | 253 | $ | 89,092 | ||||||||
California | 261 | 154,731 | 251 | 142,056 | ||||||||||
Colorado | 135 | 77,728 | 167 | 84,114 | ||||||||||
West Region | 820 | 373,708 | 671 | 315,262 | ||||||||||
Texas | 647 | 236,759 | 542 | 199,499 | ||||||||||
Central Region | 647 | 236,759 | 542 | 199,499 | ||||||||||
Florida | 185 | 77,652 | 206 | 85,647 | ||||||||||
Georgia | 95 | 29,019 | 83 | 27,477 | ||||||||||
North Carolina | 107 | 48,129 | 177 | 71,641 | ||||||||||
South Carolina | 74 | 25,164 | 76 | 22,658 | ||||||||||
Tennessee | 41 | 14,577 | 45 | 13,686 | ||||||||||
East Region | 502 | 194,541 | 587 | 221,109 | ||||||||||
Total | 1,969 | $ | 805,008 | 1,800 | $ | 735,870 | ||||||||
Homes Ordered: | ||||||||||||||
Arizona | 348 | $ | 116,757 | 345 | $ | 116,815 | ||||||||
California | 200 | 124,339 | 216 | 125,920 | ||||||||||
Colorado | 92 | 55,459 | 121 | 66,213 | ||||||||||
West Region | 640 | 296,555 | 682 | 308,948 | ||||||||||
Texas | 593 | 213,241 | 488 | 178,934 | ||||||||||
Central Region | 593 | 213,241 | 488 | 178,934 | ||||||||||
Florida | 269 | 120,243 | 208 | 95,946 | ||||||||||
Georgia | 102 | 33,039 | 85 | 28,841 | ||||||||||
North Carolina | 147 | 59,976 | 149 | 61,537 | ||||||||||
South Carolina | 86 | 28,449 | 71 | 22,434 | ||||||||||
Tennessee | 37 | 13,524 | 54 | 18,922 | ||||||||||
East Region | 641 | 255,231 | 567 | 227,680 | ||||||||||
Total | 1,874 | $ | 765,027 | 1,737 | $ | 715,562 |
Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Homes | Value | Homes | Value | |||||||||||
Homes Closed: | ||||||||||||||
Arizona | 1,139 | $ | 382,814 | 749 | $ | 258,139 | ||||||||
California | 702 | 427,095 | 738 | 418,834 | ||||||||||
Colorado | 417 | 233,377 | 474 | 231,913 | ||||||||||
West Region | 2,258 | 1,043,286 | 1,961 | 908,886 | ||||||||||
Texas | 1,752 | 637,147 | 1,563 | 566,377 | ||||||||||
Central Region | 1,752 | 637,147 | 1,563 | 566,377 | ||||||||||
Florida | 518 | 225,674 | 619 | 252,311 | ||||||||||
Georgia | 223 | 74,860 | 229 | 76,874 | ||||||||||
North Carolina | 370 | 164,596 | 474 | 198,525 | ||||||||||
South Carolina | 217 | 75,085 | 231 | 71,577 | ||||||||||
Tennessee | 118 | 42,757 | 161 | 52,782 | ||||||||||
East Region | 1,446 | 582,972 | 1,714 | 652,069 | ||||||||||
Total | 5,456 | $ | 2,263,405 | 5,238 | $ | 2,127,332 | ||||||||
Homes Ordered: | ||||||||||||||
Arizona | 1,148 | $ | 380,459 | 935 | $ | 322,807 | ||||||||
California | 802 | 480,694 | 775 | 442,863 | ||||||||||
Colorado | 368 | 214,532 | 459 | 237,237 | ||||||||||
West Region | 2,318 | 1,075,685 | 2,169 | 1,002,907 | ||||||||||
Texas | 2,000 | 719,656 | 1,629 | 597,947 | ||||||||||
Central Region | 2,000 | 719,656 | 1,629 | 597,947 | ||||||||||
Florida | 791 | 342,754 | 702 | 295,453 | ||||||||||
Georgia | 270 | 88,306 | 305 | 102,392 | ||||||||||
North Carolina | 440 | 187,683 | 497 | 205,562 | ||||||||||
South Carolina | 224 | 76,827 | 296 | 95,123 | ||||||||||
Tennessee | 119 | 45,537 | 199 | 66,124 | ||||||||||
East Region | 1,844 | 741,107 | 1,999 | 764,654 | ||||||||||
Total | 6,162 | $ | 2,536,448 | 5,797 | $ | 2,365,508 | ||||||||
Order Backlog: | ||||||||||||||
Arizona | 453 | $ | 158,988 | 503 | $ | 182,574 | ||||||||
California | 331 | 207,237 | 326 | 208,175 | ||||||||||
Colorado | 224 | 135,239 | 317 | 167,475 | ||||||||||
West Region | 1,008 | 501,464 | 1,146 | 558,224 | ||||||||||
Texas | 1,179 | 437,243 | 1,008 | 381,764 | ||||||||||
Central Region | 1,179 | 437,243 | 1,008 | 381,764 | ||||||||||
Florida | 526 | 233,534 | 370 | 161,148 | ||||||||||
Georgia | 138 | 46,809 | 171 | 58,944 | ||||||||||
North Carolina | 263 | 110,339 | 283 | 118,515 | ||||||||||
South Carolina | 123 | 42,378 | 153 | 53,657 | ||||||||||
Tennessee | 96 | 37,034 | 120 | 43,605 | ||||||||||
East Region | 1,146 | 470,094 | 1,097 | 435,869 | ||||||||||
Total | 3,333 | $ | 1,408,801 | 3,251 | $ | 1,375,857 |
Meritage Homes Corporation and Subsidiaries | ||||||||||||
Operating Data | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2017 | 2016 | |||||||||||
Ending | Average | Ending | Average | |||||||||
Active Communities: | ||||||||||||
Arizona | 40 | 39.5 | 40 | 41.5 | ||||||||
California | 24 | 25.0 | 29 | 27.0 | ||||||||
Colorado | 9 | 9.5 | 10 | 11.0 | ||||||||
West Region | 73 | 74.0 | 79 | 79.5 | ||||||||
Texas | 93 | 92.5 | 74 | 73.5 | ||||||||
Central Region | 93 | 92.5 | 74 | 73.5 | ||||||||
Florida | 29 | 29.5 | 26 | 26.0 | ||||||||
Georgia | 17 | 18.0 | 17 | 17.0 | ||||||||
North Carolina | 18 | 19.0 | 19 | 20.5 | ||||||||
South Carolina | 14 | 14.0 | 15 | 15.5 | ||||||||
Tennessee | 6 | 6.5 | 7 | 7.0 | ||||||||
East Region | 84 | 87.0 | 84 | 86.0 | ||||||||
Total | 250 | 253.5 | 237 | 239.0 |
Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | |||||||||||
Ending | Average | Ending | Average | |||||||||
Active Communities: | ||||||||||||
Arizona | 40 | 41.0 | 40 | 40.5 | ||||||||
California | 24 | 26.0 | 29 | 26.5 | ||||||||
Colorado | 9 | 9.5 | 10 | 13.0 | ||||||||
West Region | 73 | 76.5 | 79 | 80.0 | ||||||||
Texas | 93 | 86.5 | 74 | 73.0 | ||||||||
Central Region | 93 | 86.5 | 74 | 73.0 | ||||||||
Florida | 29 | 28.0 | 26 | 28.5 | ||||||||
Georgia | 17 | 17.0 | 17 | 17.0 | ||||||||
North Carolina | 18 | 17.5 | 19 | 22.5 | ||||||||
South Carolina | 14 | 14.5 | 15 | 16.5 | ||||||||
Tennessee | 6 | 6.5 | 7 | 8.0 | ||||||||
East Region | 84 | 83.5 | 84 | 92.5 | ||||||||
Total | 250 | 246.5 | 237 | 245.5 |
About Meritage Homes Corporation
Meritage Homes is the eighth-largest public homebuilder in the United States, based on homes closed in 2016. Meritage Homes builds and sells single-family homes for first- time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. Meritage Homes builds in markets including Sacramento, San Francisco Bay area, southern coastal and Inland Empire markets in California; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale, Green Valley and Tucson, Arizona; Denver, Colorado; Orlando, Tampa and South Florida; Raleigh and Charlotte, North Carolina; Greenville-Spartanburg and York County, South Carolina; Nashville, Tennessee; and Atlanta, Georgia.
Meritage Homes has designed and built over 100,000 homes in its 32-year history and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage Homes is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR Partner of the Year for Sustained Excellence Award every year since 2013 for innovation and industry leadership in energy efficient homebuilding.
For more information, visit www.meritagehomes.com.
The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's projected home closings, home closing revenue, gross margins and pre-tax earnings for the full year 2017, as well as expected future growth and earnings expansion opportunities.
Such statements are based on the current beliefs and expectations of Company management, and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: potential adverse impacts on our Houston and Florida sales, closings, revenue and costs due to Hurricanes Harvey and Irma; the availability and cost of finished lots and undeveloped land; changes in interest rates and the availability and pricing of residential mortgages; the success of strategic initiatives; shortages in the availability and cost of labor; changes in tax laws that adversely impact us or our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slow absorption rates; impairments of our real estate inventory; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest or option deposits; our potential exposure to and impacts from natural disasters or severe weather conditions; competition; construction defect and home warranty claims; failures in health and safety performance; our success in prevailing on contested tax positions; our ability to obtain performance bonds in connection with our development work; the loss of key personnel; enactment of new laws or regulations or our failure to comply with laws and regulations; our limited geographic diversification; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our compliance with government regulations; the effect of legislative and other governmental actions, orders, policies or initiatives that impact housing, labor availability, construction, mortgage availability, our access to capital, the cost of capital or the economy in general, or other initiatives that seek to restrain growth of new housing construction or similar measures; legislation relating to energy and climate change; the replication of our energy-efficient technologies by our competitors; our exposure to information technology failures and security breaches; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2016 and our subsequent Forms 10-Q, under the caption "Risk Factors," which can be found on our website.
Contacts: Brent Anderson, VP Investor Relations (972) 580-6360 (office)investors@meritagehomes.com
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