By Connor Hart
Shares of Beazer Homes fell after the home-construction company's profit narrowed, missing Wall Street expectations, in its fiscal first quarter.
The stock declined 9.4%, to $25.10, in after-hours trading Thursday. Shares ended the regular session 2.8% higher, at $27.70, putting them down 14% in the past year.
For its three months ended Dec. 31, the company reported a profit of $3.1 million, down from $21.7 million a year earlier.
Quarterly earnings fell to 10 cents a share, missing the 31 cents a share that analysts surveyed by FactSet were expecting.
Revenue grew to $469 million from $386.8 million and came in ahead of the $464.4 million that analysts had forecast.
New home orders rose 13%, to 932 homes, amid what Chief Executive Allan Merrill called a challenging new home sales environment.
Sales weakened throughout the quarter, and "the most challenging markets were in Texas and Florida, where higher inventory levels led to sluggish sales and more aggressive incentives," he said on a call with analysts.
Merrill added that he remains confident in the company's ability to generate a double-digit return on capital employed this year despite expected affordability challenges in the near term.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 30, 2025 18:36 ET (23:36 GMT)
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