Thu, Aug 1, 9:03 PM (352 days ago)
Beazer Homes USA, Inc. reported a decrease in net income to $27.2 million for Q3 2024, down from $43.8 million in Q3 2023. Total revenue increased slightly to $595.7 million, driven by higher homebuilding revenue, despite a decline in gross margins to 17.3% from 20.4%. The company experienced a 10.8% decrease in net new orders, attributed to weaker market sentiment and strategic decisions against price concessions. Operating income fell to $28.5 million from $47.9 million, impacted by higher sales and marketing costs. Cash flow from operations was negative at $323.0 million due to increased inventory investments. The company's liquidity included $73.2 million in cash and $255.0 million of unused credit facility capacity. Looking ahead, Beazer remains focused on achieving long-term growth goals, including expanding active communities and reducing net debt.