Thu, Jul 25, 8:44 PM (44 days ago)
Tri Pointe Homes, Inc.'s Q2 2024 10-Q report indicates strong financial performance with key highlights including a 38% increase in home sales revenue to $1.1 billion and a 45% rise in new home deliveries to 1,700 units compared to Q2 2023. Homebuilding gross margin improved to 23.6%, up from 20.4%, driven by lower incentives and improved operational efficiencies. SG&A expenses as a percentage of home sales revenue decreased to 11.0% from 11.9%, reflecting better cost management. Net income available to common stockholders surged 94% to $118 million, translating to diluted EPS of $1.25. The company ended the quarter with a backlog of 2,692 units valued at $2.0 billion. Despite uncertainties in market conditions and interest rates, Tri Pointe remains confident in strong underlying housing demand. The company also reduced its debt by redeeming $450 million of Senior Notes, achieving a record-low homebuilding debt-to-capital ratio of 22.9%.