Meritage Homes Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 01:00 pm
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Meritage Homes Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total closing revenue of $698,918,000 against $536,194,000 a year ago. Earnings before income taxes were $66,393,000 against $65,879,000 a year ago. Net earnings were $49,208,000 or $1.19 per diluted share against $46,089,000 or $1.19 per diluted share a year ago. Revenue was $3,022,000 against $2,077,000 a year ago.
For the year, the company has posted total closing revenue of $2,169,643,000 against $1,814,659,000 a year ago. Earnings before income taxes were $208,417,000 against $177,672,000 a year ago. Net earnings were $142,241,000 or $3.46 per diluted share against $124,464,000 or $3.25 per diluted share a year ago. Revenue was $10,121,000 against $6,037,000 a year ago. Net cash used in operating activities was $211,248,000 against $77,924,000 a year ago. Net debt as at December 31, 2014 was $831,875,000 compared to $557,383,000 as at December 31, 2013. Purchases of property and equipment were $20,788,000 against $15,783,000 a year ago.
Meritage Homes Corporation is a designer and builder of single-family attached and detached homes. Its segments include Homebuilding and Financial Services. The Homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. The Financial Services segment offer title and escrow, mortgage, and insurance services. It has operations in three regions: West, Central and East, which are comprised of 10 states: Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee. These three regions are its principal homebuilding reporting segments. Its homebuilding activities are conducted under the name of Meritage Homes in each of its homebuilding markets. It also operates Carefree Title Agency, Inc., its wholly owned title company, which provides title insurance and closing/settlement services to its homebuyers in certain states.
MERITAGE HOMES CORPORATION 
