ATLANTA--Beazer Homes USA Inc. lost $ 54.6 million in its fiscal year second quarter, weighed down by the values of houses falls and the increase in seizures in the Las Vegas market. The home builders, which reported a decline in new orders and closures, also said that he cut approximately 130 jobs.
Beazer said Tuesday its net loss amounted to 74 cents per action for the period ending March 31, compared with a net of $ 5.3 million, or 9 cents per share, a year earlier.
The quarter included current $ 17.9 million in charges related to further reductions in the price of new housing in Las Vegas and an increase in the amount of seizures.
The period of the previous year had a gain of $ 52.9 million related to the partial exchange of junior subordinated notes.
Analysts surveyed by FactSet include a loss of 50 cents per share for the last quarter.
Income dropped 34 percent to 127,5 million of $192.5 million. This fell $ 149.5 million of revenue that expected on Wall Street.
Atlanta home builders shares slipped $6 cents to 4.50 in pre-market trade after falling as low as $4.20 soon.
New orders past 26.7% to 1 194 houses, while closures fell 31.1% 573 households.
Beazer said that its results have been affected in part because of the absence of a tax credit to purchasers the first House, which prompted some buyers to make purchases in the period of the year - ago.
But the company said orders were better in the second quarter from the first quarter.
"We are hopeful that the recent improvements in employment will help lift the confidence of consumers in the next few quarters, which is necessary for any significant recovery in housing to occur," President and CEO Ian McCarthy said in a statement.
To adapt to the conditions of the market currently, Beazer announced last month that it has created a new division to buy, upgrade and to rent houses previously belonging to consumers who are not ready to buy a house or who do not qualify for a mortgage.
Builders is also reduce costs furthers through job cuts. Beazer, who worked on the decline of fresh construction expenses General and tighten the acquisition of land and the development of expenditure provides for the Elimination of approximately 130 full-time jobs to save more than 20 million of $ per year. Cuts are also anticipated to lead to about 3 million of $ third-quarter charges related to starting and abandoning rental allowance.
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