Beazer Homes USA Inc. swings to a loss in Q3
Shares of Beazer Homes USA Inc. (NYSE: BZH) are sliding in pre-market trading this morning after the builder of single-family homes reported it swung to a loss in its fiscal third-quarter.
The Atlanta, Ga.-based company said the loss was attributable to price cuts the homebuilder implemented to spur sales as well as major charges taken to write down the value of unsold inventory.
For the three months ended June 30, Beazer Homes recorded a loss of $123 million, or $3.20 per share, compared with a profit of $102.6 million, or $2.37 per share in the same quarter last year.
The company said revenue declined 37% to $761 million from $1.2 billion last year on account of plunging home closings. Beazer Homes reported home closings plummeted to 2,666 from 4,156.
Shares of Beazer Homes slipped 3.46%, or $0.59, to $16.45 in pre-market trading.
