We saw another bad earnings report in the housing sector. Last week we had a rough earnings report from Pulte Homes, this week it’s Beazer Homes (BZH).
Beazer Homes released a disastrous earnings report today. The company saw home closings drop 43.6% to 527 homes. New home orders fell 23.9% to 540 homes. Beazer Homes had a loss of $48.8 million dollars last quarter. That equates to a loss of 66 cents per share. Revenue fell 48% to $110.3 million from $213.1 million.
The company’s CEO remains optimistic believing that the sector has bottomed out. CEO Ian McCarthy believes that home buyers will return to the market in the spring. New home orders rose 50% last month and he expects this trend to continue.
Shares of Beazer Homes ended the day at $5.59.