Big drop in U.S. home sales takes the wind out of Meritage, home builder stocks

 

 

 

 

 

 

 

“Learn from yesterday, live for today, hope for tomorrow.”

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Mike Sunnucks Senior Reporter- Phoenix Business Journal Jul 24, 2014, 1:27pm MST

Meritage Homes posted 15 percent earnings growth in the second quarter compared with a year ago but the Scottsdale-based home builder’s stock took a hit Thursday morning with a big drop in new U.S. home sales.

The U.S. Department of Commerce reported this morning new home sales in June were down 8.1 percent compared with May and 11.5 percent from June 2013.

That drove home builder stocks down on Wall Street, as Meritage, KB Home andNVR Inc. were all down between 3 and 5 percent in Thursday trading.

D.R. Horton Inc.’s stock was down 11.6 percent, according to Google Finance.

Meritage posted second-quarter earnings of 85 cents per share on revenue of $505.6 million. That is up from 2Q 2013 when earnings were 74 cents per share on $450 million in revenue.

“We are quite pleased to show year-over-year growth in 2014 across nearly every key operating metric, given that market conditions were generally not as strong in the second quarter this year as they were a year ago,” said Steven Hilton, chairman and chief executive officer for Meritage.

Mike Sunnucks writes about politics, law, airlines, sports business and the economy.

READ MORE:

http://www.bizjournals.com/phoenix/news/2014/07/24/big-drop-in-u-s-home-sales-takes-the-wind-out-of.html?ed=2014-07-24&s=article_du

 

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Walter Unger CCIM

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