Meritage Posts 3Q EPS of $1.04
MTH is trading near its 52-week low of $56.66 (9.5% above the low).
Summary
Meritage reported third-quarter EPS of $1.04, with net income of $67.8M, total closing revenue of $1.17B and 3,187 homes closed. Adjusted EPS fell more than expected as higher mortgage rates hurt orders. Context matters: the company has been through a rough stretch, with the last 10-K flagging a 42% earnings drop and $64M in charges, and the Q2 10-Q adding nothing new. The $1.04 print needs to be read against that depressed base before drawing conclusions.
At the time of this announcement, MTH was trading at $62.02 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4B. The 52-week trading range was $56.66 to $85.38. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.