1040 ET - Beazer Homes USA's latest results stand in contrast to other home builders who've outperformed Wall Street's expectations. The Atlanta home builder missed on its sales and closings guidance in fiscal 1Q. CEO Allan Merrill on an earnings call says strength in October waned in November and weakened further in December. "As a result, we sold fewer homes and had to spend more on incentives for the sales we made," he adds. Merrill notes that the most challenging markets were in Texas and Florida, where higher inventory levels led to sluggish sales and more aggressive incentives. Shares decline 14% to $23.76 after 1Q earnings missed estimates, on pace for its largest percentage decline since June 2022. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
January 31, 2025 10:40 ET (15:40 GMT)
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