Homebuilders, Meltdown, News, Spillover

Beazer Homes 4Q loss widens


From Forbes:

Struggling homebuilder Beazer Homes USA Inc. said Tuesday its fiscal fourth-quarter losses more than tripled as revenue plunged and its income tax provision ballooned.

Losses for the quarter ended Sept. 30 totaled $473.9 million, or $12.29 per share, compared with year-ago losses of $155.2 million, or $4.03 per share. Losses from continuing operations totaled $12.32 per share in the latest period.

Atlanta-based Beazer said revenue fell to $712.6 million from $1.09 billion as home closings tumbled 38 percent.

Meanwhile, the company’s income tax provision swelled to $334.9 million versus a tax gain of $76.6 million last year. Having posted losses for the last four years, the company must reserve against deferred tax assets when it’s likely those assets won’t be realized.

Analysts surveyed by Thomson Reuters expected a loss of $2.10 per share on revenue of $593.4 million.

It’s interesting to note that Beazer’s loss is right about ten times its current stockprice. I lost more per share in the fourth quarter than those shares are worth.

Not a positive sign for the future of Beazer Homes.


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