meritage homes corp (MTH) Key Developments
Meritage Homes Corporation Provides Earnings Guidance for the Second Half of 2014
Jul 24 14
Meritage Homes Corporation provided earnings guidance for the second half of 2014. For the period, the company expects increase in its earnings. The 36.5% is closer to normal expected tax rate for 2014, assuming there is no extension of the federal energy credit for 2014.
Meritage Homes Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Jul 24 14
Meritage Homes Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total closing revenue of $505.60 million against $449.95 million a year ago. Earnings before income taxes were $55.24 million against $38.53 million a year ago. Net earnings were $35.08 million or $0.85 per diluted share against net earnings of $28.14 million or $0.74 per diluted share a year ago.
For the six months, the company reported net sales of $913.95 million against $786.39 million a year ago. Earnings before income taxes were $94.99 million against $55.01 million a year ago. Net earnings were $60.46 million or $1.48 per diluted share against net earnings of $40.18 million or $1.06 per diluted share a year ago. Net cash used in operating activities was $174.65 million against $19.52 million a year ago. Purchases of property and equipment were $11.86 million against $5.79 million a year ago. Net debt as on June 30, 2014 was $614.197 million.
Meritage Homes Mulls Acquisitions
Jul 24 14
Meritage Homes Corporation (NYSE:MTH) is looking for acquisitions. Steve Hilton, Chairman and Chief Executive Officer of Meritage Homes Corporation said, "We are always looking for making acquisition primarily for a new market. Somebody that has a solid land position that fits in with our land strategy, product that fits with our product."
Meritage Homes Corporation Creates a New South Region to Be Based in Atlanta; Hires James Thrower to Lead the New Region as South Region President
Jul 11 14
Meritage Homes Corporation announced that the company has created a new South Region to be based in Atlanta. Initially, the region will include Meritage's recently acquired operations in Nashville, Tennessee, and the Atlanta and Greenville-Spartanburg markets to be added with the acquisition of Legendary Communities that was announced earlier this week. This will be the fourth operating region for Meritage Homes, in addition to the existing West, Central and East regions.
James (Jay) Thrower has been hired to lead the new region as South Region President. Jay has more than 25 years of experience in the real estate and homebuilding industry, including 17 years of senior management positions with two other national homebuilders, where he was responsible for operations in Georgia and North and South Carolina.
Meritage Homes Corporation to Acquire Legendary Communities, Expanding its Southeast Operations
Jul 10 14
Meritage Homes Corporation announced its definitive agreement to acquire the homebuilding assets and operations of Legendary Communities for a purchase price of approximately $130 million. Both Atlanta and Greenville-Spartanburg will be new markets for Meritage, while Legendary's Charlotte operations will be combined into Meritage's existing division there.