Beazer Homes USA loses money in 1Q

[February 08, 2011]  ATLANTA, Ga. (AP) -- Beazer Homes USA Inc. says it lost money in its fiscal first quarter as the homebuilder reported a decline in closings and new orders.

But the Atlanta company said Tuesday that it anticipates seasonal improvements in buyer demand. Beazer had a loss of $48.8 million, or 66 cents per share, for the three months ended Dec. 31. That compares with earnings of $48 million, or $1.17 a share, a year ago. Revenue fell 48 percent to $110.3 million from $213.1 million. The results were worse than expected.

Analysts forecast a loss of 50 cents per share on revenue of $163.7 million. Total home closings dropped 43.6 percent to 527 homes, while new orders fell 23.9 percent to 540 homes. The cancellation rate rose to 31.2 percent from 27 percent.

[Associated Press]

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