WASHINGTON (dpa-AFX) - Beazer Homes USA, Inc. (BZH) reported first-quarter earnings per share from continuing operations of $0.09, compared to $0.23, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.07, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $29.4 million, an increase of 9.4%. The company said first-quarter net income was down $4.5 million year-over-year with less income tax credits and incremental interest expense more than offsetting higher EBITDA .
First-quarter homebuilding revenue was $417.4 million, up 4.1% on a 2.7% increase in home closings to 1,112 and a 1.4% increase in average selling price. Net new orders increased 28.2% year-over-year, to 1,251.
Homebuilding gross margin was 15.1%, flat year-over-year. Excluding items, homebuilding gross margin was 19.8%, up 10 basis points.
Allan Merrill, CEO of Beazer Homes, said: 'These results have enhanced our visibility and confidence in reaching our Fiscal 2020 goals of generating a return on assets above 10% and a double-digit growth rate in adjusted EBITDA.'
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