The homebuilder did not offer guidance in its press release. The consensus estimate for yearly revenue is $1.2 billion and the EPS estimate is $0.64. Third quarter EPS is estimated at $0.26 on revenue of $333.65 million.
In its press release the company noted gross margins rose by nearly 2% year-over-year and that new orders rose 41.6%. Backlog rose 47% compared with the second quarter of 2011, to 1,549 units, and the dollar value of the backlog jumped 55.2% year-over-year.
Refreshingly, the company’s SG&A expenses fell by -1.5% primarily due to “higher leverage resulting from increased revenues, as well as to cost-saving measures.” For the past few years, it was cost-cutting alone that saved homebuilders’ bacon.
Shares are up about 1.6% in after-hours trading, at $25.21 in a 52-week range of $9.15-$27.15. Thomson Reuters had a consensus analyst price target of $25.23 before today’s results were announced.
Paul Ausick
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