Beazer Homes USA Inc. (BZH) shares plummeted over 9% in pre-market trading on Friday, following the release of the homebuilder's fiscal first-quarter results that fell short of expectations and a gloomy outlook for the housing market.
In the quarter ended December 31st, Beazer Homes reported a net profit of $3.1 million, or $0.10 per share, significantly lower than the $21.7 million, or $0.31 per share, reported a year ago. The company's earnings widely missed analysts' consensus estimate of $0.31 per share.
Despite the earnings miss, Beazer's revenue climbed 21% year-over-year to $469 million, exceeding Wall Street's expectations of $464.4 million. New home orders also increased by 13% to 932 homes during the quarter.
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