Meritage Homes Corp Stock Price, News & Analysis

Meritage Homes, the sixth-largest public homebuilder in the U.S., has celebrated the recognition of nine divisions at the 18th annual Avid Awards. Notably, the Southern California division received the esteemed Avid Diamond Award for the second consecutive year, marking an exclusive achievement among public homebuilders in 2020. The Avid Awards assess builders based on customer satisfaction metrics. Meritage's divisions achieved the Avid Gold Award and Avid Benchmark Award for excellence in customer experience, highlighting the company's commitment to high standards in homebuyer satisfaction.

Meritage Homes Corporation (NYSE: MTH) reported a strong first quarter for 2021, with a 25% increase in homes closed (2,890 units) and a 21% rise in home closing revenue to $1.08 billion compared to Q1 2020. Notably, net earnings surged 85% to $131.8 million, resulting in diluted EPS of $3.44, an 88% increase. The company saw a 47% rise in ending backlog (5,240 units) and secured over 5,900 new lots, expanding its market presence. Management projects between 11,700-12,700 annual home closings and total revenues of $4.55-4.85 billion for the full year.

Meritage Homes Corporation (NYSE: MTH) announced the successful closing of $450 million in 3.875% senior notes, maturing April 15, 2029, generating approximately $444 million in net proceeds.

A significant portion of these proceeds will be utilized to redeem $300 million of the company's 7.00% Senior Notes due 2022. The notes were placed under Rule 144A and Regulation S of the Securities Act, targeting qualified institutional buyers.

Meritage Homes Corporation (NYSE: MTH) announced the pricing of $450 million in 3.875% Senior Notes due 2029, increasing the original amount by $50 million. The offering targets qualified institutional buyers under Rule 144A of the Securities Act and Regulation S for international buyers. The closing date for this private placement is set for April 15, 2021. This announcement is not an offer to sell or solicit purchases of securities, which will not be registered under the Securities Act and cannot be sold in the U.S. without proper registration or exemption.

Meritage Homes Corporation (NYSE: MTH) announced plans to offer $400 million of senior unsecured notes due 2029 to qualified institutional buyers. The proceeds will partially fund the redemption of $300 million in existing 7.00% senior notes maturing in 2022. These new notes will be unsecured obligations that rank equally with other senior debt. As the final terms are negotiated, investors should note potential risks including fluctuating interest rates and market conditions that could impact the company's financial stability and stock performance.

Meritage Homes Corporation (NYSE: MTH) will release its first quarter 2021 results on April 28, 2021, after market close. A conference call to discuss these results is scheduled for April 29, 2021, at 8:00 a.m. PT (11:00 a.m. ET), accessible via webcast on the company’s investor relations page. Meritage, the sixth-largest public homebuilder in the U.S., focuses on providing homes for first-time and move-up buyers, delivering over 135,000 homes in its 36-year history. The company has a strong reputation for energy-efficient homebuilding.

Meritage Homes Corporation (NYSE: MTH) has announced the appointment of CEO Phillippe Lord to its board of directors, effective February 17, 2021, expanding board membership to 10. Mr. Lord, who took over as CEO on January 1, 2021, succeeding Steven J. Hilton, aims to leverage strong 2020 performance to enhance shareholder value. Lead independent director Peter Ax expressed optimism about Mr. Lord's leadership during this pivotal time, emphasizing the company's commitment to long-term growth and sustainability initiatives.

Meritage Homes Corporation (NYSE: MTH) reported strong fourth quarter and full year 2020 results, with home closings rising 32% to 3,744 units and revenue increasing by 28% to $1.4 billion.

The company closed 11,834 homes for the year, a 28% increase, generating total revenue of $4.5 billion, up 24%. Earnings per share surged 50% in Q4 to $3.97, and net earnings rose 47% to $152.5 million. Meritage's backlog increased by 68%, reaching nearly 4,700 units.

Looking ahead, the company projects 2021 closings between 11,500-12,500 homes, with anticipated revenue of $4.2-4.6 billion.

Meritage Homes (NYSE: MTH) will release its fourth quarter 2020 results on January 27, 2021, after market close. A conference call is scheduled for January 28, 2021, at 7:30 a.m. Arizona Time (9:30 a.m. Eastern Time) to discuss the results, which will be available via webcast. Meritage is the seventh-largest public homebuilder in the U.S., focused on first-time and move-up buyers, having built over 135,000 homes in its 35-year history. The company is recognized for its energy-efficient homebuilding.