TRI Pointe Homes Inc. (TPH) stock plummeted 6.79% in pre-market trading on Tuesday, following the homebuilder's fourth-quarter earnings release that showed some buyers remained on the sidelines due to elevated mortgage rates.
While the company delivered strong quarterly results with a 40-basis-point improvement in homebuilding gross margin to 23.3% and net income of $129 million or $1.37 per diluted share, it acknowledged softer seasonal sales in the final part of 2024 as rising mortgage rates dampened housing demand.
According to Tom Mitchell, Tri Pointe's President and Chief Operating Officer, the elevated mortgage rates caused some buyers to hold off on purchases in the short-term, resulting in weaker-than-expected sales towards the end of the quarter.
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