Meritage Homes Q1 Earnings Rise

(RTTNews) - U.S.-based home builder Meritage Homes Corp. (MTH), Wednesday reported higher earnings for the first-quarter driven by higher home closing revenue and gross margins.

The company's net earnings for the quarter rose to $25.4 million or $0.62 per share, from $12.0 million or $0.32 per share in the year-ago period. On average, analysts polled by Thomson Reuters expected earnings per share of $0.64 for the quarter. Analysts' estimates typically exclude one-time items.

Total closing revenue advanced to $408.3 million from $336.4 million during the prior-year period. Total order value grew 7 percent to $555.0 million, driven primarily by Texas, which generated a 47 percent year-over-year increase in total order value. Analysts estimated revenues of $441.29 million for the quarter.