Meritage Homes Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. Total closing revenue from homebuilding was $336.4 million against $204.4 million last year. Revenue from financial services was $0.8 million. Income before income taxes was $16.5 million against loss before income taxes of $4.6 million last year. Net income was $12.0 million or $0.32 per diluted share against net loss of $4.8 million or $0.15 per basic and diluted share last year. Net cash used in operating activities was $0.1 million against $55.4 million last year. Purchases of property and equipment were $2.7 million against $2.3 million last year. Net income increased primarily due to higher home closing revenue and gross margins, supplemented by leveraging overhead expenses. Based on projections for opening new communities, coupled with a modest increase in average sales per community and higher average sales prices, the company is projecting approximately 40% - 45% year-over-year increase in home closing revenue for each of the three remaining quarters of 2013. Assuming some additional improvement in margins - which are being somewhat constrained by rising construction costs - and the operating leverage demonstrated in the first quarter results, the company would anticipate earnings per diluted share in the range of $2.20 - $2.45 for the year, representing a 350% - 400% increase in pretax earnings. The company expecting additional energy tax credits during 2013, which the company estimate will reduce its effective tax rate to approximately 34% for the rest of the year.

Meritage Homes Corporation Presents at Wells Fargo Industrial & Construction Conference, May-09-2013 01:35 PM. Venue: The New York Palace Hotel, 455 Madison Avenue, New York , NY 10022, United States. Speakers: Larry W. Seay, Chief Financial Officer and Executive Vice President.

Meritage Homes Corporation announced that they will report Q1, 2013 results Pre-Market on Apr 24, 2013