Welcome to our dedicated page for Meritage Homes Corporation news (Ticker: MTH), a resource for investors and traders seeking the latest updates and insights on Meritage Homes Corporation stock.
Meritage Homes Corporation (NYSE: MTH) is the fifth-largest public homebuilder in the United States, renowned for its innovative and energy-efficient homes. For over 30 years, Meritage has established a reputation for quality by building more than 85,000 homes, creating well over 80,000 satisfied homeowners. The company’s operations span three major regions: West, Central, and East, covering states such as Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Utah.
Meritage Homes focuses on two core business segments: homebuilding and financial services. The homebuilding segment is responsible for acquiring and developing land, constructing homes, marketing, and sales, as well as providing warranty and customer services. The financial services segment offers title and escrow, mortgage, and insurance services, contributing significantly to the company's revenues.
Meritage Homes is particularly noted for its 100% ENERGY STAR® certified homes, making it a leader in environmentally friendly construction. This commitment has earned the company prestigious awards like the U.S. Environmental Protection Agency’s ENERGY STAR® Partner of the Year for Sustained Excellence Award, which it has received for ten consecutive years, and the 2023 EPA Indoor airPLUS Leader Award.
The company’s latest updates include impressive third-quarter 2023 results, with home closings of 3,638 units, a 4% increase from the previous year. This led to home closing revenue of $1.6 billion and a gross margin of 26.7%. Executing its spec building strategy, Meritage achieved a record 96% backlog conversion rate, contributing to a diluted EPS of $5.98 for the quarter.
Meritage Homes continues to innovate and expand, recently announcing the pricing of $500 million in Convertible Senior Notes due in 2028. The proceeds will be used for general corporate purposes and to enhance financial stability. The company also maintains a strong focus on community and environmental stewardship, showcased by its Meritage Cares philanthropic efforts and partnerships with organizations like Operation Homefront.
For more information, visit Meritage Homes' official website.
Meritage Homes (NYSE:MTH), the fifth-largest public homebuilder in the U.S., announced its entry into the Gulf Coast markets through the acquisition of Elliott Homes, a top five Gulf Coast homebuilder operating in Mississippi, Alabama and the Florida panhandle. The acquisition includes over 5,500 lots, with production operations expected to begin in existing entry-level communities before year-end. This marks Meritage's first acquisition since 2014 and aligns with their spec building strategy of affordable entry-level homes. The company anticipates meaningful contribution from these operations in 2025.
Meritage Homes (NYSE: MTH) reported Q3 2024 results with home closings up 8% year-over-year to 3,942 units, while home closing revenue decreased 2% to $1.6 billion. Net earnings were $196.0 million ($5.34 per diluted share), down 12% from prior year. The company achieved a record 145% backlog conversion rate with entry-level homes representing 93% of closings.
Home closing gross margin was 24.8%, down from 26.7% last year. The company maintained strong liquidity with $831.6 million in cash and a net debt-to-capital ratio of 8.8%. During Q3, Meritage repurchased shares worth $30.0 million and paid $27.1 million in dividends.
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.
FAQ
What is the current stock price of Meritage Homes Corporation (MTH)?
What is the market cap of Meritage Homes Corporation (MTH)?
What is Meritage Homes Corporation known for?
In which regions does Meritage Homes operate?
How many homes has Meritage Homes built?
What are the core business segments of Meritage Homes?
What recent financial achievements has Meritage Homes reported?
What awards has Meritage Homes received?
What philanthropic efforts is Meritage Homes involved in?
What is the significance of Meritage Homes’ 100% ENERGY STAR® certification?
How does Meritage Homes support its buyers financially?
Where can I find more information about Meritage Homes?
