Homebuilder Gives Unbelievably Bad Report On The State Of The Market

Beazer Homes was a major hi-flyer during the boom. Now, not so much.

The latest earnings numbers paint an unbelievably ugly picture of the market.

Q1 revenue of $127 million missed expectations of $149 million, and were way off from the $237 millilion it reported last quarter.

A couple other datapoints:

• Total new orders from continuing operations were: 1,194 homes, a 26.7% decrease from the prior year, but a 121.1% increase from the first quarter and a 9.0% increase from the second quarter of fiscal 2009.


• Total home closings from continuing operations were: 573 homes, a 31.1% decrease from the prior year, but an 8.7% increase from the first quarter.

So yeah, bad all around, and worse than people realized..

For the latest investing news, visit Money Game. Follow us on Twitter and Facebook.

Join the conversation about this story »

See Also:

• CASE-SHILLER: Home Prices Slide 3.3% In February, As Double Dip Continues
• What Do Atlanta, Cleveland, Las Vegas, And Detroit Have In Common?
• Some Alarming Facts You Must Read Before You Even Think Of Buying A Home

Full story at http://feedproxy.google.com/~r/businessinsider/~3/Hl-HUNnGRwc/beazer-home-earnings-2011-5