Meritage Homes Corp Stock Price, News & Analysis

Trophy Signature Homes, a subsidiary of Green Brick Partners (NYSE: GRBK), and Meritage Homes (NYSE:MTH) announced the development of Prairie Winds, a new residential community in Hutto, Texas, opening in Q1 2025. The project will feature 1,093 homesites with prices starting in the $320,000s. Trophy Signature Homes will offer homes ranging from 1,000 to 2,700 square feet on various lot sizes. The development will include amenities like a resort-style pool, splash pad, parks, and sports courts, scheduled to open by Summer 2026. The community will be developed in seven phases and is located near Lee Martinez Elementary School.

Meritage Homes (NYSE:MTH), the fifth-largest public homebuilder in the U.S., has appointed Erin Lantz as an independent director to its Board of Directors, effective October 14, 2024. This appointment increases the board size to 11 directors. Ms. Lantz brings over 20 years of leadership experience in technology-related offerings and currently serves as Chief Revenue Officer for Ethos, a fintech company.

Additionally, Meritage Homes announced that its Board has approved declassifying the Board of Directors and intends to propose this change at the 2025 annual meeting. This decision is in response to stockholder feedback and aims to increase director accountability and align with governance best practices.

The company plans to file a proxy statement with the SEC regarding the declassification proposal, urging stockholders to review the materials when available.

Meritage Homes (NYSE: MTH), the fifth largest public homebuilder in the U.S., has announced its plans to release its third quarter 2024 financial results on Tuesday, October 29, 2024, after the market closes. The company will host a conference call and webcast to discuss these results on Wednesday, October 30, 2024, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time).

Investors and interested parties can access the live webcast through Meritage's Investor Relations page or dial in to 1-877-407-6951 (U.S. toll-free) or 1-412-902-0046. A replay of the conference call will be available on the company's Investor Relations page for those unable to attend the live event.

Meritage Homes (MTH) and Operation Homefront have selected two military veterans to receive mortgage-free, energy-efficient homes near Austin, TX and Charlotte, NC. The homes will be presented in November, celebrating Veterans Day and Military Appreciation Month. Marine Corps veteran Lance Cpl. Eziyah Sims will receive a 1,300+ sq ft home in Kyle, TX, while Navy veteran Petty Officer 2nd Class Lt. Aaliyah King (Williams) will get a nearly 2,700 sq ft home in Stanley, NC.

The recipients will enter Operation Homefront's Permanent Homes for Veterans program, which provides financial counseling and caseworker support to prepare for homeownership. This initiative aims to help military families establish strong foundations and thrive in their communities after service.

Meritage Homes (NYSE: MTH), the fifth largest homebuilder in the U.S., has released its fourth annual Environmental, Social, and Governance (ESG) Report for 2023. The report highlights the company's progress in sustainability and social initiatives, adhering to recognized reporting frameworks. Key achievements include:

Environmental: Delivered 13,308 ENERGY STAR® certified homes with an average HERS Index score of 52, earning the ENERGY STAR® Partner of the Year award for the eleventh time.

Social: Achieved Great Place to Work® certification, launched employee resource groups, and won the Avid Cup – Production award for customer satisfaction for the third consecutive year. Meritage also received the Hearthstone BUILDER Humanitarian Award for its philanthropic efforts.

Meritage Homes (NYSE: MTH), the fifth-largest homebuilder in the U.S., has announced a quarterly cash dividend of $0.75 per share. The dividend will be payable on September 30, 2024 to shareholders of record as of the close of trading on September 16, 2024. This announcement demonstrates Meritage's commitment to returning value to its shareholders and reflects the company's financial stability in the competitive homebuilding market.

James Hardie Building Products Inc. (NYSE: JHX) has announced a multi-year exclusive agreement with Meritage Homes (NYSE: MTH), the fifth-largest public homebuilder in the U.S. This deal makes Hardie® siding and trim products standard on every new Meritage home where hard siding is installed across the U.S. through 2027.

The collaboration aims to provide Meritage homebuyers with durable, non-combustible, and pest-resistant siding that offers protection against extreme weather. James Hardie's products also provide a wide range of design options. This partnership aligns with Meritage's mission to build innovative and sustainable homes, leveraging James Hardie's manufacturing footprint and Meritage's national coverage.

Meritage Homes, the fifth largest public homebuilder in the U.S., has been certified as a Great Place to Work® for the second consecutive year. The certification is based on a survey where 94% of participating Meritage employees affirmed it's a great place to work, compared to 57% at typical U.S. companies. To further support its employees, Meritage has launched the Meritage Cares Assistance Fund, providing tax-advantaged financial aid for eligible employees facing hardships. The company is currently assisting employees impacted by Hurricane Beryl. Additionally, Meritage established three employee resource groups in late 2023 to promote belonging and create connections among employees.

Meritage Homes (NYSE: MTH) reported its Q2 2024 results with notable growth. Home closings increased by 18% year-over-year (YoY) to 4,118 units, generating $1.7 billion in revenue, up 10%. Despite a 7% decrease in average sales price (ASP) on closings to $411K due to product and geographic mix, gross margins improved to 25.9%, driven by lower costs and shorter construction cycles.

Net earnings rose 24% YoY to $231.6 million, translating to diluted EPS of $6.31 (+26%). Orders increased by 14% YoY to 3,799 units. The ending backlog fell 28% YoY to 2,714 units. Meritage's effective tax rate was 22.1%, benefiting from energy tax credits.

For the first half of 2024, home closing revenue increased by 13% to $3.2 billion, and net earnings rose 31% to $417.6 million. The company ended Q2 with cash of $992.9 million, and a net debt-to-capital ratio of 6.2%.

The company updated its 2024 guidance, expecting home closing revenue of $6.1-6.3 billion and diluted EPS of $19.80-21.00.