Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
2023 | 2022 | % Chg | 2023 | 2022 | % Chg | ||||||||||||||
Homes closed (units) | 3,638 | 3,487 | 4 | % | 10,025 | 9,566 | 5 | % | |||||||||||
Home closing revenue | $ | 1,610,317 | $ | 1,569,032 | 3 | % | $ | 4,415,261 | $ | 4,223,435 | 5 | % | |||||||
Average sales price — closings | $ | 443 | $ | 450 | (2 | ) | % | $ | 440 | $ | 442 | — | % | ||||||
Home orders (units) | 3,474 | 2,310 | 50 | % | 10,301 | 9,951 | 4 | % | |||||||||||
Home order value | $ | 1,495,542 | $ | 974,314 | 53 | % | $ | 4,477,148 | $ | 4,551,894 | (2 | ) | % | ||||||
Average sales price — orders | $ | 430 | $ | 422 | 2 | % | $ | 435 | $ | 457 | (5 | ) | % | ||||||
Ending backlog (units) | 3,608 | 6,064 | (41 | ) | % | ||||||||||||||
Ending backlog value | $ | 1,558,637 | $ | 2,826,759 | (45 | ) | % | ||||||||||||
Average sales price — backlog | $ | 432 | $ | 466 | (7 | ) | % | ||||||||||||
Earnings before income taxes | $ | 285,734 | $ | 329,491 | (13 | ) | % | $ | 690,561 | $ | 947,069 | (27 | ) | % | |||||
Net earnings | $ | 221,760 | $ | 262,489 | (16 | ) | % | $ | 539,897 | $ | 729,827 | (26 | ) | % | |||||
Diluted EPS | $ | 5.98 | $ | 7.10 | (16 | ) | % | $ | 14.55 | $ | 19.65 | (26 | ) | % |
MANAGEMENT COMMENTS
"Homebuying demand held steady in the third quarter of 2023 despite the elevated interest rate environment, as we continued to offer a full range of incentives to help buyers solve for a monthly payment. With the backdrop of life events creating a housing need for millennials and baby boomers and the ongoing shortage of existing home inventory for sale, Meritage’s average absorption pace reached 4.1 net orders per month this quarter," said
"Home closings were 3,638 this quarter, 4% greater than prior year, of which about a third of the homes were sold and closed intra-quarter from our available move-in ready inventory," added
"Buoyed by our financing incentives including rate locks and buy-downs, our sales orders of 3,474 homes this quarter increased 50% year-over-year,”
"In addition to generating positive cash flow, we returned capital to our shareholders during the third quarter of 2023 by repurchasing
"Third quarter 2023 average community count of 282 was 3% below prior year and down 1% sequentially compared to the second quarter of 2023, as our accelerated orders pace resulted in some early community close outs. During the quarter, we spent
THIRD QUARTER RESULTS
- Orders of 3,474 homes for the third quarter of 2023 increased 50% year-over-year, reflecting a 52% increase in average absorption pace to 4.1 per month from 2.7 per month in the third quarter of 2022 and a 3% decrease in average communities. Entry-level represented 88% of sales in both third quarter periods. Average sales price ("ASP") on orders in the third quarter of 2023 of
$430,000 was up 2% from the third quarter of 2022 due to geographic mix. - The 3% year-over-year increase in home closing revenue to
$1.6 billion resulted from 4% higher home closing volume partially offset by a 2% decrease in ASP on closings due to more costly financing incentives in 2023. - Home closing gross margin of 26.7% in the third quarter 2023 was down 200 bps from 28.7% in the prior year mainly due to higher financing incentives, partially offset by savings from shortening cycle times as costs held relatively steady year-over-year. In the third quarter of 2022, there were
$8.8 million in write-offs related to the lot option deposits and diligence costs from terminated land deals. There were nominal inventory-related write-offs in 2023. - Selling, general and administrative expenses ("SG&A") as a percentage of third quarter 2023 home closing revenue were 10.1%, 200 bps higher than 8.1% in the third quarter of 2022, primarily as a result of higher commissions, reflecting the current sales environment, and increased compensation costs.
- Third quarter 2023 other income, net of
$13.3 million increased from an expense of$0.1 million in 2022, and consists mainly of higher interest income earned on a larger cash balance. - In the third quarter of 2023, we recognized a loss on early extinguishment of debt of
$0.9 million in connection with the$150.0 million partial redemption of our 6.00% senior notes due 2025 (the "2025 Notes"). There were no such redemptions in 2022. - The third quarter effective income tax rate was 22.4% in 2023 compared to 20.3% in 2022. The 2023 rate benefited from earned eligible energy tax credits on qualifying homes under the Internal Revenue Code's Inflation Reduction Act ("IRA"). The third quarter 2022 rate reflected the cumulative earned eligible energy tax credits on qualifying homes delivered in the first nine months of 2022, as the IRA enacted in
August 2022 retroactively extended the Internal Revenue Code's §45L new energy-efficient homes credit. - Net earnings were
$221.8 million ($5.98 per diluted share) for the third quarter of 2023, a 16% decrease from$262.5 million ($7.10 per diluted share) for the third quarter of 2022. Lower gross margin, greater overhead costs and a higher tax rate were partially offset by increased home closing revenue, which resulted in a 16% year-over-year decrease in diluted EPS.
YEAR TO DATE RESULTS
- Total sales orders for the first nine months of 2023 increased 4% over the prior year, driven by a 3% increase in average absorption pace and a 1% increase in average communities compared to the first nine months of 2022.
- Home closing revenue increased 5% in the first nine months of 2023 to
$4.4 billion due to a 5% increase in home closing volume. ASP on closings remained essentially flat year-over-year. - Home closing gross margin declined 540 bps to 24.7% in the first nine months of 2023 from 30.1% in the prior year, primarily from greater financing incentives. The year to date 2023 home closing gross margin included
$2.1 million of write-offs from terminated land deals related to lot option deposits and diligence costs compared to$11.6 million in the prior year. - SG&A expenses as a percentage of home closing revenue of 10.0% increased from 8.3% in the prior year as a result of higher commissions and marketing costs, reflecting the current sales environment, and increased compensation and technology spend.
- Other income, net of
$35.0 million in the first nine months of 2023 increased from an expense of$0.8 million in 2022, due to higher interest income earned on a larger cash balance. - In the first nine months of 2023, we recognized a loss on early extinguishment of debt of
$0.9 million in connection with the$150.0 million partial redemption of our 2025 Notes. There were no such redemptions in 2022. - The effective tax rate for the first nine months of 2023 was 21.8%, compared to 22.9% for the first nine months of 2022. The rate in both periods benefited from earned eligible energy tax credits on qualifying homes under the IRA. The lower rate for 2023 reflected the increased per-home energy efficiency credit amount starting in 2023.
- Net earnings were
$539.9 million ($14.55 per diluted share) for the first nine months of 2023, a 26% decrease from$729.8 million ($19.65 per diluted share) for the first nine months of 2022, mainly reflecting lower gross margin and greater overhead costs.
BALANCE SHEET
- Cash and cash equivalents at
September 30, 2023 totaled$1.0 billion , compared to$861.6 million atDecember 31, 2022 , primarily as a result of retained cash from earnings over the past year. - About 60,700 total lots were owned or controlled as of
September 30, 2023 , compared to approximately 66,000 total lots as ofSeptember 30, 2022 . We added nearly 5,000 net new lots in the third quarter of 2023, representing an estimated 37 future communities, all of which are for entry-level product. - Debt-to-capital and net debt-to-capital ratios were 18.5% and (1.0)%, respectively, at
September 30, 2023 , which compared to 22.6% and 6.8%, respectively, atDecember 31, 2022 . - The Company repurchased 319,716 shares of stock, or 0.9% of shares outstanding at the beginning of the quarter, for
$45.0 million in the third quarter of 2023. For the first nine months of 2023, 413,013 shares of stock, or 1.1% of shares outstanding at the beginning of the year, were repurchased, totaling$55.0 million . As ofSeptember 30, 2023 ,$189.1 million remained available to repurchase under the authorized share repurchase program. - The Company declared and paid cash dividends of
$0.27 per share in the third quarter of 2023, totaling$9.8 million . Year to date, cash dividend payments totaled$29.7 million . - During the third quarter of 2023, the Company redeemed
$150.0 million of its 2025 Notes, of which$250.0 million remains outstanding as ofSeptember 30, 2023 .
CONFERENCE CALL
Management will host a conference call to discuss its third quarter 2023 results at
A replay of the call will be available via webcast beginning at approximately
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
Three Months Ended | ||||||||||||||||
2023 | 2022 | Change $ | Change % | |||||||||||||
Homebuilding: | ||||||||||||||||
Home closing revenue | $ | 1,610,317 | $ | 1,569,032 | $ | 41,285 | 3 | % | ||||||||
Land closing revenue | 2,783 | 8,989 | (6,206 | ) | (69 | ) | % | |||||||||
Total closing revenue | 1,613,100 | 1,578,021 | 35,079 | 2 | % | |||||||||||
Cost of home closings | (1,180,742 | ) | (1,118,394 | ) | 62,348 | 6 | % | |||||||||
Cost of land closings | (2,535 | ) | (8,577 | ) | (6,042 | ) | (70 | ) | % | |||||||
Total cost of closings | (1,183,277 | ) | (1,126,971 | ) | 56,306 | 5 | % | |||||||||
Home closing gross profit | 429,575 | 450,638 | (21,063 | ) | (5 | ) | % | |||||||||
Land closing gross profit | 248 | 412 | (164 | ) | (40 | ) | % | |||||||||
Total closing gross profit | 429,823 | 451,050 | (21,227 | ) | (5 | ) | % | |||||||||
Financial Services: | ||||||||||||||||
Revenue | 6,109 | 6,308 | (199 | ) | (3 | ) | % | |||||||||
Expense | (2,871 | ) | (2,804 | ) | 67 | 2 | % | |||||||||
Earnings from financial services unconsolidated entities and other, net | 2,462 | 1,338 | 1,124 | 84 | % | |||||||||||
Financial services profit | 5,700 | 4,842 | 858 | 18 | % | |||||||||||
Commissions and other sales costs | (99,122 | ) | (77,884 | ) | 21,238 | 27 | % | |||||||||
General and administrative expenses | (63,091 | ) | (48,443 | ) | 14,648 | 30 | % | |||||||||
Interest expense | — | — | — | — | % | |||||||||||
Other income/(expense), net | 13,331 | (74 | ) | 13,405 | (18,115 | ) | % | |||||||||
Loss on early extinguishment of debt | (907 | ) | — | 907 | n/a | |||||||||||
Earnings before income taxes | 285,734 | 329,491 | (43,757 | ) | (13 | ) | % | |||||||||
Provision for income taxes | (63,974 | ) | (67,002 | ) | (3,028 | ) | (5 | ) | % | |||||||
Net earnings | $ | 221,760 | $ | 262,489 | $ | (40,729 | ) | (16 | ) | % | ||||||
Earnings per common share: | ||||||||||||||||
Basic | Change $ or shares | Change % | ||||||||||||||
Earnings per common share | $ | 6.06 | $ | 7.18 | $ | (1.12 | ) | (16 | ) | % | ||||||
Weighted average shares outstanding | 36,603 | 36,569 | 34 | — | % | |||||||||||
Diluted | ||||||||||||||||
Earnings per common share | $ | 5.98 | $ | 7.10 | $ | (1.12 | ) | (16 | ) | % | ||||||
Weighted average shares outstanding | 37,078 | 36,946 | 132 | — | % |
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
Nine Months Ended | ||||||||||||||||
2023 | 2022 | Change $ | Change % | |||||||||||||
Homebuilding: | ||||||||||||||||
Home closing revenue | $ | 4,415,261 | $ | 4,223,435 | $ | 191,826 | 5 | % | ||||||||
Land closing revenue | 44,547 | 53,901 | (9,354 | ) | (17 | ) | % | |||||||||
Total closing revenue | 4,459,808 | 4,277,336 | 182,472 | 4 | % | |||||||||||
Cost of home closings | (3,326,245 | ) | (2,950,409 | ) | 375,836 | 13 | % | |||||||||
Cost of land closings | (42,682 | ) | (42,046 | ) | 636 | 2 | % | |||||||||
Total cost of closings | (3,368,927 | ) | (2,992,455 | ) | 376,472 | 13 | % | |||||||||
Home closing gross profit | 1,089,016 | 1,273,026 | (184,010 | ) | (14 | ) | % | |||||||||
Land closing gross profit | 1,865 | 11,855 | (9,990 | ) | (84 | ) | % | |||||||||
Total closing gross profit | 1,090,881 | 1,284,881 | (194,000 | ) | (15 | ) | % | |||||||||
Financial Services: | ||||||||||||||||
Revenue | 18,050 | 16,119 | 1,931 | 12 | % | |||||||||||
Expense | (8,910 | ) | (7,897 | ) | 1,013 | 13 | % | |||||||||
(Loss)/earnings from financial services unconsolidated entities and other, net | (3,074 | ) | 4,033 | (7,107 | ) | (176 | ) | % | ||||||||
Financial services profit | 6,066 | 12,255 | (6,189 | ) | (51 | ) | % | |||||||||
Commissions and other sales costs | (277,766 | ) | (212,807 | ) | 64,959 | 31 | % | |||||||||
General and administrative expenses | (162,750 | ) | (136,370 | ) | 26,380 | 19 | % | |||||||||
Interest expense | — | (41 | ) | (41 | ) | (100 | ) | % | ||||||||
Other income/(expense), net | 35,037 | (849 | ) | 35,886 | (4,227 | ) | % | |||||||||
Loss on early extinguishment of debt | (907 | ) | — | 907 | n/a | |||||||||||
Earnings before income taxes | 690,561 | 947,069 | (256,508 | ) | (27 | ) | % | |||||||||
Provision for income taxes | (150,664 | ) | (217,242 | ) | (66,578 | ) | (31 | ) | % | |||||||
Net earnings | $ | 539,897 | $ | 729,827 | $ | (189,930 | ) | (26 | ) | % | ||||||
Earnings per common share: | ||||||||||||||||
Basic | Change $ or shares | Change % | ||||||||||||||
Earnings per common share | $ | 14.72 | $ | 19.87 | $ | (5.15 | ) | (26 | ) | % | ||||||
Weighted average shares outstanding | 36,677 | 36,736 | (59 | ) | — | % | ||||||||||
Diluted | ||||||||||||||||
Earnings per common share | $ | 14.55 | $ | 19.65 | $ | (5.10 | ) | (26 | ) | % | ||||||
Weighted average shares outstanding | 37,109 | 37,136 | (27 | ) | — | % |
Consolidated Balance Sheets
(In thousands)
(Unaudited)
Assets: | |||||
Cash and cash equivalents | $ | 1,048,755 | $ | 861,561 | |
Other receivables | 228,852 | 215,019 | |||
Real estate (1) | 4,501,358 | 4,358,263 | |||
Deposits on real estate under option or contract | 93,501 | 76,729 | |||
Investments in unconsolidated entities | 15,062 | 11,753 | |||
Property and equipment, net | 50,822 | 38,635 | |||
Deferred tax asset, net | 45,932 | 45,452 | |||
Prepaids, other assets and goodwill | 197,588 | 164,689 | |||
Total assets | $ | 6,181,870 | $ | 5,772,101 | |
Liabilities: | |||||
Accounts payable | $ | 294,183 | $ | 273,267 | |
Accrued liabilities | 413,092 | 360,615 | |||
Home sale deposits | 48,133 | 37,961 | |||
Loans payable and other borrowings | 11,008 | 7,057 | |||
Senior notes, net | 994,412 | 1,143,590 | |||
Total liabilities | 1,760,828 | 1,822,490 | |||
Stockholders' Equity: | |||||
Preferred stock | — | — | |||
Common stock | 364 | 366 | |||
Additional paid-in capital | 289,109 | 327,878 | |||
Retained earnings | 4,131,569 | 3,621,367 | |||
Total stockholders’ equity | 4,421,042 | 3,949,611 | |||
Total liabilities and stockholders’ equity | $ | 6,181,870 | $ | 5,772,101 | |
(1) Real estate – Allocated costs: | |||||
Homes under contract under construction | $ | 931,820 | $ | 822,428 | |
Unsold homes, completed and under construction | 1,027,352 | 1,155,543 | |||
Model homes | 112,306 | 97,198 | |||
Finished home sites and home sites under development | 2,429,880 | 2,283,094 | |||
Total real estate | $ | 4,501,358 | $ | 4,358,263 |
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended | |||||||
2023 | 2022 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 539,897 | $ | 729,827 | |||
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities: | |||||||
Depreciation and amortization | 17,576 | 17,545 | |||||
Stock-based compensation | 16,557 | 16,897 | |||||
Loss on early extinguishment of debt | 907 | — | |||||
Equity in earnings from unconsolidated entities | (4,651 | ) | (3,703 | ) | |||
Distribution of earnings from unconsolidated entities | 5,158 | 3,785 | |||||
Other | 1,408 | 11,154 | |||||
Changes in assets and liabilities: | |||||||
Increase in real estate | (137,543 | ) | (990,106 | ) | |||
(Increase)/decrease in deposits on real estate under option or contract | (17,027 | ) | 176 | ||||
Increase in other receivables, prepaids and other assets | (9,447 | ) | (89,177 | ) | |||
Increase in accounts payable and accrued liabilities | 37,085 | 118,636 | |||||
Increase in home sale deposits | 10,172 | 15,157 | |||||
Net cash provided by/(used in) operating activities | 460,092 | (169,809 | ) | ||||
Cash flows from investing activities: | |||||||
Investments in unconsolidated entities | (3,859 | ) | (5,674 | ) | |||
Distributions of capital from unconsolidated entities | 43 | — | |||||
Purchases of property and equipment | (31,221 | ) | (19,537 | ) | |||
Proceeds from sales of property and equipment | 334 | 328 | |||||
Maturities/sales of investments and securities | 750 | 1,032 | |||||
Payments to purchase investments and securities | (750 | ) | (1,032 | ) | |||
Net cash used in investing activities | (34,703 | ) | (24,883 | ) | |||
Cash flows from financing activities: | |||||||
Repayment of loans payable and other borrowings | (2,616 | ) | (14,953 | ) | |||
Repayment of senior notes | (150,884 | ) | — | ||||
Dividends paid | (29,695 | ) | — | ||||
Repurchase of shares | (55,000 | ) | (109,303 | ) | |||
Net cash used in financing activities | (238,195 | ) | (124,256 | ) | |||
Net increase/(decrease) in cash and cash equivalents | 187,194 | (318,948 | ) | ||||
Beginning cash and cash equivalents | 861,561 | 618,335 | |||||
Ending cash and cash equivalents | $ | 1,048,755 | $ | 299,387 |
Operating Data
(Dollars in thousands)
(Unaudited)
Three Months Ended | |||||||||
2023 | 2022 | ||||||||
Homes | Value | Homes | Value | ||||||
Homes Closed: | |||||||||
1,172 | 606,833 | 1,086 | 590,027 | ||||||
1,102 | 452,687 | 1,218 | 499,713 | ||||||
1,364 | 550,797 | 1,183 | 479,292 | ||||||
Total | 3,638 | $ | 1,610,317 | 3,487 | $ | 1,569,032 | |||
Homes Ordered: | |||||||||
985 | 521,049 | 456 | 241,098 | ||||||
1,099 | 425,165 | 635 | 253,321 | ||||||
1,390 | 549,328 | 1,219 | 479,895 | ||||||
Total | 3,474 | $ | 1,495,542 | 2,310 | $ | 974,314 |
Nine Months Ended | |||||||||
2023 | 2022 | ||||||||
Homes | Value | Homes | Value | ||||||
Homes Closed: | |||||||||
2,954 | 1,543,372 | 2,875 | 1,539,529 | ||||||
3,244 | 1,334,368 | 3,139 | 1,269,868 | ||||||
3,827 | 1,537,521 | 3,552 | 1,414,038 | ||||||
Total | 10,025 | $ | 4,415,261 | 9,566 | $ | 4,223,435 | |||
Homes Ordered: | |||||||||
3,261 | 1,672,310 | 2,636 | 1,486,674 | ||||||
3,237 | 1,286,063 | 3,027 | 1,293,282 | ||||||
3,803 | 1,518,775 | 4,288 | 1,771,938 | ||||||
Total | 10,301 | $ | 4,477,148 | 9,951 | $ | 4,551,894 | |||
Order Backlog: | |||||||||
1,179 | 579,787 | 1,627 | 905,080 | ||||||
956 | 370,279 | 1,766 | 790,227 | ||||||
1,473 | 608,571 | 2,671 | 1,131,452 | ||||||
Total | 3,608 | $ | 1,558,637 | 6,064 | $ | 2,826,759 |
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Ending | Average | Ending | Average | Ending | Average | Ending | Average | ||||||||
Active Communities: | |||||||||||||||
84 | 91.0 | 102 | 104.5 | 84 | 93.1 | 102 | 92.1 | ||||||||
82 | 82.0 | 74 | 77.0 | 82 | 81.8 | 74 | 75.6 | ||||||||
106 | 108.5 | 99 | 107.5 | 106 | 103.5 | 99 | 109.0 | ||||||||
Total | 272 | 281.5 | 275 | 289.0 | 272 | 278.4 | 275 | 276.7 |
We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
- West:
Arizona ,California ,Colorado , andUtah - Central:
Texas - East:
Florida ,Georgia ,North Carolina ,South Carolina , andTennessee
Supplement and Non-GAAP information
(Unaudited)
Supplemental Information (Dollars in thousands):
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Depreciation and amortization | $ | 6,380 | $ | 5,822 | $ | 17,576 | $ | 17,545 | |||||||
Summary of Capitalized Interest: | |||||||||||||||
Capitalized interest, beginning of period | $ | 61,078 | $ | 61,459 | $ | 60,169 | $ | 56,253 | |||||||
Interest incurred | 14,740 | 15,179 | 44,914 | 45,563 | |||||||||||
Interest expensed | — | — | — | (41 | ) | ||||||||||
Interest amortized to cost of home and land closings | (17,342 | ) | (14,548 | ) | (46,607 | ) | (39,685 | ) | |||||||
Capitalized interest, end of period | $ | 58,476 | $ | 62,090 | $ | 58,476 | $ | 62,090 |
Reconciliation of Non-GAAP Information (Dollars in thousands):
Debt-to-Capital Ratios | |||||||
Senior notes, net, loans payable and other borrowings | $ | 1,005,420 | $ | 1,150,647 | |||
Stockholders' equity | 4,421,042 | 3,949,611 | |||||
Total capital | $ | 5,426,462 | $ | 5,100,258 | |||
Debt-to-capital | 18.5% | 22.6% | |||||
Senior notes, net, loans payable and other borrowings | $ | 1,005,420 | $ | 1,150,647 | |||
Less: cash and cash equivalents | (1,048,755 | ) | (861,561 | ) | |||
Net debt | $ | (43,335 | ) | $ | 289,086 | ||
Stockholders’ equity | 4,421,042 | 3,949,611 | |||||
Total net capital | $ | 4,377,707 | $ | 4,238,697 | |||
Net debt-to-capital (1) | (1.0)% | 6.8% |
(1) | Net debt-to-capital reflects certain adjustments to the debt-to-capital ratio and is defined as net debt (debt less cash and cash equivalents) divided by total capital (net debt plus stockholders' equity). Net debt-to-capital is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe this non-GAAP financial measure is relevant and useful to investors in understanding our operating results and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. We encourage investors to understand the methods used by other companies in the homebuilding industry to calculate non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures. |
About
For more information, visit www.meritagehomes.com.
The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general; our intention to increase our community count; and expectations about our future results, including but not limited to, our projected fourth quarter 2023 home closings, home closing revenue, home closing gross margin, effective tax rate and diluted earnings per share.
Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations.
Contacts: | |
(480) 515-8979 (office) | |
investors@meritagehomes.com |
Source:
2023 GlobeNewswire, Inc., source