By Sabela Ojea
Shares of Beazer Homes climbed after the home-construction company logged revenue growth in its fiscal fourth quarter on higher home orders.
The stock was up 9.4%, to $34.95, in post-market trading Wednesday. Through the close, shares have risen 15% over the past three months, through are down 5.4% since the beginning of the year.
The company posted a net profit for the three months ended Sept. 30 of $52.1 million, or $1.69 a share, compared with $55.8 million, or $1.80 a share, for the same period a year earlier. Analysts polled by FactSet had forecast lower earnings of $1.35.
Revenue rose to $806.2 million from $645.4 million for the year-ago period, beating the $775.4 million expected by analysts, according to FactSet.
Overall, Beazer Homes ended the quarter with 1,029 homes, up from 1,003 orders a year earlier.
The company has seen a jump in orders in the current quarter, Chief Executive Allan Merrill said.
"Despite higher mortgage rates, our October sales grew more than 30% versus the prior year," Merrill said. "For the full year fiscal 2025 we expect further expansion of our community count to lead to growth in revenue and double-digit return on capital employed."
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 13, 2024 17:50 ET (22:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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