Beazer Homes USA (BZH) saw its loss widen to $7.54 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.23 million, or $0.04 a share. Revenue during the quarter grew 10.34 percent to $425.47 million from $385.61 million in the previous year period.
Cost of revenue rose 9.82 percent or $32.03 million during the quarter to $358.07 million. Gross margin for the quarter expanded 39 basis points over the previous year period to 15.84 percent.
Total expenses were $417.96 million for the quarter, up 9.25 percent or $35.38 million from year-ago period. Operating margin for the quarter expanded 98 basis points over the previous year period to 1.77 percent.
Operating income for the quarter was $7.51 million, compared with $3.03 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $33.18 million compared with $26.15 million in the prior year period. At the same time, adjusted EBITDA margin improved 102 basis points in the quarter to 7.80 percent from 6.78 percent in the last year period.
"We had a terrific second quarter - with improvements in both home sales and closings, higher average sales prices, better gross margins and a lower SG&A ratio, all contributing to a substantial increase in EBITDA," said Allan Merrill, Beazer's president and chief executive officer. "We also positioned ourselves for future growth through increased land spending, expansion of our Gatherings business and the strengthening of our balance sheet."
Real estate inventory stood at $1,631.07 million as on Mar. 31, 2017. Net receivables were at $44.07 million as on Mar. 31, 2017, down 21.06 percent or $11.75 million from year-ago. Accounts payable went up marginally by 1.76 percent or $1.73 million to $100.29 million on Mar. 31, 2017.
Total assets declined 6.79 percent or $158.54 million to $2,175.20 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,537.18 million as on Mar. 31, 2017, down 9.59 percent or $163.01 million from year-ago.
Return on assets for the quarter stood at negative 0.34 percent as compared to a negative 0.06 percent for the previous year period. Return on equity for the quarter stood at negative 1.18 percent as compared to a negative 0.19 percent for the previous year period.
Debt comes down
Total debt was at $1,334.36 million as on Mar. 31, 2017, down 8.58 percent or $125.24 million from year-ago. Shareholders equity stood at $638.02 million as on Mar. 31, 2017, up 0.71 percent or $4.47 million from year-ago. As a result, debt to equity ratio went down 21 basis points to 2.09 percent in the quarter.
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