Beazer Homes posts a loss in fiscal 2Q

[May 03, 2011]  ATLANTA, Ga. (AP) -- Beazer Homes USA Inc. is reporting a $54.6 million loss for its fiscal second quarter, weighed down by inventory impairment charges. The company also says it cut about 130 jobs and reported a decline in new orders and closings.

The loss was larger than analysts expected. Shares of the Atlanta homebuilder were down 8 percent at $4.20 in pre-market trading.

Beazer said Tuesday its net loss amounted to 74 cents per share for the period ended March 31. That compares with net income of $5.3 million, or 9 cents per share, a year earlier. Analysts expected a loss of 50 cents a share.

The prior-year period included a $52.9 million gain tied to the partial exchange of junior subordinated notes.

Revenue fell 34 percent to $127.5 million from $192.5 million. Analysts expected higher revenue of $149.5 million.

New orders dropped 26.7 percent, while closings slipped 31.1 percent.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.