Meritage Homes reports first quarter 2024 results
- Record-high quarterly sales orders, home closing gross margin of 25.8%, and a 43% increase in diluted EPS for the first quarter of 2024.
- 3,507 homes closed, $1.5 billion in home closing revenue, and a 14% increase in home orders.
- 21% increase in homes closed, 16% rise in home closing revenue, and 42% surge in net earnings year-over-year.
- Over $905 million in cash and cash equivalents, net debt-to-capital ratio of 2.0%, and a 17% increase in book value per share year-over-year.
- Guidance for full year 2024: 14,500-15,000 home closing volume, $6.0-6.2 billion home closing revenue, and diluted EPS of $19.20-20.70.
- None.
Insights
The reported 21% increase in unit closings and a corresponding 16% surge in home closing revenue indicate a robust demand for Meritage Homes' products, likely a result of the company capitalizing on a favorable market environment. The decreased average sales price points to a strategic shift, possibly towards more affordable housing, resonating with significant demographics like Millennials and Baby Boomers. This could suggest a volume over margin strategy which seems to be supported by the substantial improvement in the home closing gross margin, up by 340 basis points to 25.8%. Such gross margin performance may imply effective cost management and operational efficiencies that have scaled with volume.
However, a critical eye must be cast on the backlogged units, which have decreased by 23%. This may raise concerns about future revenue streams and could potentially indicate a bottleneck in the supply chain or a strategic reallocation of resources. The investor should monitor whether this reduction in backlog will affect the company’s ability to sustain its revenue growth in the subsequent quarters.
Meritage Homes' positioning within the housing market appears strengthened by their first quarter performance. Notably, the company's ability to achieve a 138% record backlog conversion rate is indicative of a strong market presence and an efficient operational strategy. The mention of a diversified generational demand underscores the importance of demographic trends in the housing market, with a focus on entry-level homes, which comprised 91% of Q1 2024 sales orders.
This demographic pivot could be a strategic response to the nationwide housing supply shortage and their emphasis on spec building seems to be a calculated move to maintain inventory availability. The performance metrics, such as a low 8% cancellation rate, well below the historical average, underscore the company's competitive edge and customer commitment. Investors should appreciate the significance of these operational details as they reveal the company's alignment with market demand and potential for sustained growth.
The increased book value per share, a jump of 17% year-over-year and a strong return on equity of 18% as of March 31, 2024, reflects a solid balance sheet and effective use of shareholder capital. Moreover, the strategic land acquisitions, to the tune of $430 million, which underpin future community developments, suggest an aggressive growth outlook. The twin strategy of returning capital to shareholders via dividends and share repurchases, while maintaining a net debt-to-capital ratio of 2.0%, highlights financial prudence and investor confidence.
From an investment point of view, the share repurchase exceeding the systematic buyback commitment substantially by repurchasing approximately 1.0% of outstanding shares indicates management's belief in the company's intrinsic value. The investor should note this as a strong signal of internal confidence in the company's future prospects.
Record-high quarterly sales orders, home closing gross margin of
SCOTTSDALE, Ariz., April 24, 2024 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S. homebuilder, reported first quarter results for the period ended March 31, 2024.
| Summary Operating Results (unaudited) (Dollars in thousands, except per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | % Chg | ||||||
| Homes closed (units) | 3,507 | 2,897 | 21 | % | ||||
| Home closing revenue | $ | 1,466,096 | $ | 1,261,923 | 16 | % | ||
| Average sales price — closings | $ | 418 | $ | 436 | (4 | )% | ||
| Home orders (units) | 3,991 | 3,487 | 14 | % | ||||
| Home order value | $ | 1,631,195 | $ | 1,506,893 | 8 | % | ||
| Average sales price — orders | $ | 409 | $ | 432 | (5 | )% | ||
| Ending backlog (units) | 3,033 | 3,922 | (23 | )% | ||||
| Ending backlog value | $ | 1,244,257 | $ | 1,763,832 | (29 | )% | ||
| Average sales price — backlog | $ | 410 | $ | 450 | (9 | )% | ||
| Earnings before income taxes | $ | 234,015 | $ | 165,303 | 42 | % | ||
| Net earnings | $ | 186,016 | $ | 131,301 | 42 | % | ||
| Diluted EPS | $ | 5.06 | $ | 3.54 | 43 | % | ||
MANAGEMENT COMMENTS
“Meritage has had a remarkable start to the year, generating an average absorption pace of 4.9 per month in the first quarter of 2024, which resulted in our highest quarterly sales orders,” said Steven J. Hilton, executive chairman of Meritage Homes. “We entered the spring selling season with a healthy supply of available inventory and were able to capitalize on strong current market conditions stemming from the increasing need for housing from Millennials, Gen Z and the move-down Baby Boomers, all finding limited existing housing supply.”
“Executing on our spec building and streamlined strategy, we delivered 3,507 homes in the first quarter of 2024—of which nearly
“In the first quarter of 2024, we carried out our commitment to growth by putting nearly 6,300 net new lots under control, representing an estimated 43 future communities. We strategically deployed our capital by spending
FIRST QUARTER RESULTS
- Orders of 3,991 homes for the first quarter of 2024 increased
14% year-over-year, due primarily to a17% increase in the average absorption pace to 4.9 per month from 4.2 per month in the first quarter of 2023, which was partially offset by a1% decrease in average active communities. Strong demand coupled with the right amount of available inventory during the first quarter of 2024 led to our highest quarterly sales order volume, which benefited from an8% cancellation rate that was well below the Company's historical average. Entry-level represented91% of first quarter 2024 sales orders, compared to87% in the same quarter of 2023. Average sales price ("ASP") on orders in the first quarter of 2024 of$409,000 was down5% from the first quarter of 2023 due to both geographic and product mix shift. - The
16% year-over-year increase in home closing revenue to$1.5 billion was due to21% higher home closing volume that was partially offset by a4% decrease in ASP on closings resulting from product mix shift. First quarter 2024 ASP on closings increased sequentially from the fourth quarter of 2023 due to reduced utilization of rate lock financing incentives and price increases. - Home closing gross margin improved 340 bps to
25.8% in the first quarter of 2024 from22.4% in the prior year due to reduced utilization of rate lock financing incentives, lower direct costs, and greater leverage of fixed costs, which were partially offset by higher lot costs. - The financial services loss of
$0.7 million included$5.8 million in write-offs related to rate lock unwind costs in the first quarter of 2024. This compared to financial services profit of$2.9 million in the first quarter of 2023 that had$1.9 million in similar write-offs. - Selling, general and administrative expenses ("SG&A") as a percentage of first quarter 2024 home closing revenue were
10.4% , which was relatively in line with10.3% in the prior year, primarily as a result of higher commissions offsetting the leverage achieved on higher home closing revenue. - The first quarter effective income tax rate was
20.5% in 2024, in line with20.6% in 2023. The Company's tax rates benefited from earned eligible energy tax credits on qualifying homes under the Inflation Reduction Act. - Net earnings were
$186.0 million ($5.06 per diluted share) for the first quarter of 2024, a42% increase from$131.3 million ($3.54 per diluted share) for the first quarter of 2023 due to higher home closing revenue and gross profit with flat SG&A as a percentage of home closing revenue and tax rates achieved in the first quarter of 2024.
BALANCE SHEET & LIQUIDITY
- Cash and cash equivalents at March 31, 2024 totaled
$905.3 million , compared to$921.2 million at December 31, 2023. - Land acquisition and development spend totaled
$430.4 million for the first quarter of 2024, compared to$310.1 million for the first quarter of 2023. - Approximately 66,400 lots were owned or controlled as of March 31, 2024, compared to approximately 60,900 total lots at March 31, 2023. Nearly 6,300 net new lots were added in the first quarter of 2024, representing an estimated 43 future communities.
- First quarter 2024 ending community count of 275 was up
2% sequentially compared to the fourth quarter of 2023, and down1% compared to prior year. - Debt-to-capital and net debt-to-capital ratios were
17.5% and2.0% , respectively, at March 31, 2024, which compared to17.9% and1.9% , respectively, at December 31, 2023. - The Company increased the quarterly cash dividend to
$0.75 per share in the first quarter of 2024, from$0.27 per share in the first quarter of 2023, and paid dividends totaling$27.2 million in the first quarter of 2024. - In the first quarter of 2024, the Company repurchased 362,419 shares of stock, or approximately
1.0% of the outstanding shares at the beginning of the quarter, for$55.9 million , well exceeding the announced systematic buyback commitment of$15.0 million per quarter. As of March 31, 2024,$129.1 million remained available to repurchase under the authorized share repurchase program.
GUIDANCE
The Company is providing the following updated guidance for full year 2024, based on first quarter 2024 results and current market conditions:
| Full Year 2024 | |
| Home closing volume | 14,500-15,000 units |
| Home closing revenue | |
| Home closing gross margin | 24.5 |
| Effective tax rate | Approximately |
| Diluted EPS |
CONFERENCE CALL
Management will host a conference call to discuss its first quarter 2024 results at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) on Thursday, April 25, 2024. To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-877-407-6951 US toll free or 1-412-902-0046. A replay will be available on the Investor Relations page.
* The Company's return on equity is calculated as net income for the trailing twelve months divided by average total stockholders' equity for the trailing five quarters. The Company's book value per share is calculated as total stockholders' equity for the period divided by the shares outstanding as of the last day of the period.
| Meritage Homes Corporation and Subsidiaries Consolidated Income Statements (In thousands, except per share data) (Unaudited) | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||
| 2024 | 2023 | Change $ | Change % | ||||||||||||
| Homebuilding: | |||||||||||||||
| Home closing revenue | $ | 1,466,096 | $ | 1,261,923 | $ | 204,173 | 16 | % | |||||||
| Land closing revenue | 2,305 | 17,385 | (15,080 | ) | (87 | )% | |||||||||
| Total closing revenue | 1,468,401 | 1,279,308 | 189,093 | 15 | % | ||||||||||
| Cost of home closings | (1,088,138 | ) | (979,462 | ) | 108,676 | 11 | % | ||||||||
| Cost of land closings | (2,298 | ) | (15,945 | ) | (13,647 | ) | (86 | )% | |||||||
| Total cost of closings | (1,090,436 | ) | (995,407 | ) | 95,029 | 10 | % | ||||||||
| Home closing gross profit | 377,958 | 282,461 | 95,497 | 34 | % | ||||||||||
| Land closing gross profit | 7 | 1,440 | (1,433 | ) | (100 | )% | |||||||||
| Total closing gross profit | 377,965 | 283,901 | 94,064 | 33 | % | ||||||||||
| Financial Services: | |||||||||||||||
| Revenue | 6,353 | 5,731 | 622 | 11 | % | ||||||||||
| Expense | (3,003 | ) | (3,067 | ) | (64 | ) | (2 | )% | |||||||
| (Loss)/earnings from financial services unconsolidated entities and other, net | (4,040 | ) | 259 | (4,299 | ) | N/M | |||||||||
| Financial services (loss)/profit | (690 | ) | 2,923 | (3,613 | ) | (124 | )% | ||||||||
| Commissions and other sales costs | (101,550 | ) | (82,846 | ) | 18,704 | 23 | % | ||||||||
| General and administrative expenses | (50,732 | ) | (47,519 | ) | 3,213 | 7 | % | ||||||||
| Interest expense | — | — | — | — | % | ||||||||||
| Other income, net | 9,022 | 8,844 | 178 | 2 | % | ||||||||||
| Earnings before income taxes | 234,015 | 165,303 | 68,712 | 42 | % | ||||||||||
| Provision for income taxes | (47,999 | ) | (34,002 | ) | 13,997 | 41 | % | ||||||||
| Net earnings | $ | 186,016 | $ | 131,301 | $ | 54,715 | 42 | % | |||||||
| Earnings per common share: | |||||||||||||||
| Basic | Change $ or shares | Change % | |||||||||||||
| Earnings per common share | $ | 5.12 | $ | 3.58 | $ | 1.54 | 43 | % | |||||||
| Weighted average shares outstanding | 36,311 | 36,664 | (353 | ) | (1 | )% | |||||||||
| Diluted | |||||||||||||||
| Earnings per common share | $ | 5.06 | $ | 3.54 | $ | 1.52 | 43 | % | |||||||
| Weighted average shares outstanding | 36,779 | 37,121 | (342 | ) | (1 | )% | |||||||||
| Meritage Homes Corporation and Subsidiaries Consolidated Balance Sheets (In thousands) (Unaudited) | |||||
| March 31, 2024 | December 31, 2023 | ||||
| Assets: | |||||
| Cash and cash equivalents | $ | 905,298 | $ | 921,227 | |
| Other receivables | 243,322 | 266,972 | |||
| Real estate (1) | 4,914,512 | 4,721,291 | |||
| Deposits on real estate under option or contract | 122,813 | 111,364 | |||
| Investments in unconsolidated entities | 18,743 | 17,170 | |||
| Property and equipment, net | 47,868 | 48,953 | |||
| Deferred tax asset, net | 47,000 | 47,573 | |||
| Prepaids, other assets and goodwill | 189,749 | 218,584 | |||
| Total assets | $ | 6,489,305 | $ | 6,353,134 | |
| Liabilities: | |||||
| Accounts payable | $ | 306,150 | $ | 271,650 | |
| Accrued liabilities | 418,216 | 424,764 | |||
| Home sale deposits | 42,796 | 36,605 | |||
| Loans payable and other borrowings | 6,604 | 13,526 | |||
| Senior notes, net | 994,966 | 994,689 | |||
| Total liabilities | 1,768,732 | 1,741,234 | |||
| Stockholders' Equity: | |||||
| Preferred stock | — | — | |||
| Common stock | 363 | 364 | |||
| Additional paid-in capital | 240,852 | 290,955 | |||
| Retained earnings | 4,479,358 | 4,320,581 | |||
| Total stockholders’ equity | 4,720,573 | 4,611,900 | |||
| Total liabilities and stockholders’ equity | $ | 6,489,305 | $ | 6,353,134 | |
(1) Real estate – Allocated costs: | |||||
| Homes under contract under construction | $ | 858,943 | $ | 704,206 | |
| Unsold homes, completed and under construction | 1,304,633 | 1,260,855 | |||
| Model homes | 118,958 | 118,252 | |||
| Finished home sites and home sites under development | 2,631,978 | 2,637,978 | |||
| Total real estate | $ | 4,914,512 | $ | 4,721,291 | |
| Meritage Homes Corporation and Subsidiaries Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net earnings | $ | 186,016 | $ | 131,301 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 6,038 | 5,208 | |||||
| Stock-based compensation | 6,114 | 6,225 | |||||
| Equity in earnings from unconsolidated entities | (972 | ) | (1,346 | ) | |||
| Distribution of earnings from unconsolidated entities | 985 | 1,776 | |||||
| Other | 1,001 | 928 | |||||
| Changes in assets and liabilities: | |||||||
| (Increase)/decrease in real estate | (193,431 | ) | 2,999 | ||||
| (Increase)/decrease in deposits on real estate under option or contract | (11,449 | ) | 10,886 | ||||
| Decrease/(increase) in other receivables, prepaids and other assets | 53,769 | (11,749 | ) | ||||
| Increase/(decrease) in accounts payable and accrued liabilities | 27,668 | (31,687 | ) | ||||
| Increase in home sale deposits | 6,191 | 9,931 | |||||
| Net cash provided by operating activities | 81,930 | 124,472 | |||||
| Cash flows from investing activities: | |||||||
| Investments in unconsolidated entities | (1,586 | ) | — | ||||
| Distributions of capital from unconsolidated entities | — | 43 | |||||
| Purchases of property and equipment | (6,258 | ) | (8,899 | ) | |||
| Proceeds from sales of property and equipment | 79 | 128 | |||||
| Net cash used in investing activities | (7,765 | ) | (8,728 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayment of loans payable and other borrowings | (6,922 | ) | (168 | ) | |||
| Dividends paid | (27,239 | ) | (9,927 | ) | |||
| Repurchase of shares | (55,933 | ) | (10,000 | ) | |||
| Net cash used in financing activities | (90,094 | ) | (20,095 | ) | |||
| Net (decrease)/increase in cash and cash equivalents | (15,929 | ) | 95,649 | ||||
| Beginning cash and cash equivalents | 921,227 | 861,561 | |||||
| Ending cash and cash equivalents | $ | 905,298 | $ | 957,210 | |||
Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(Unaudited)
We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
- West: Arizona, California, Colorado, and Utah
- Central: Texas
- East: Florida, Georgia, North Carolina, South Carolina, and Tennessee
| Three Months Ended March 31, | |||||||||
| 2024 | 2023 | ||||||||
| Homes | Value | Homes | Value | ||||||
| Homes Closed: | |||||||||
| West Region | 1,014 | 515,632 | 785 | 417,322 | |||||
| Central Region | 1,167 | 427,565 | 1,048 | 424,880 | |||||
| East Region | 1,326 | 522,899 | 1,064 | 419,721 | |||||
| Total | 3,507 | $ | 1,466,096 | 2,897 | $ | 1,261,923 | |||
| Homes Ordered: | |||||||||
| West Region | 1,170 | 580,805 | 1,286 | 635,936 | |||||
| Central Region | 1,310 | 482,183 | 1,073 | 420,521 | |||||
| East Region | 1,511 | 568,207 | 1,128 | 450,436 | |||||
| Total | 3,991 | $ | 1,631,195 | 3,487 | $ | 1,506,893 | |||
| Order Backlog: | |||||||||
| West Region | 902 | 439,957 | 1,373 | 676,135 | |||||
| Central Region | 911 | 341,691 | 988 | 419,822 | |||||
| East Region | 1,220 | 462,609 | 1,561 | 667,875 | |||||
| Total | 3,033 | $ | 1,244,257 | 3,922 | $ | 1,763,832 | |||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Ending | Average | Ending | Average | ||||
| Active Communities: | |||||||
| West Region | 83 | 80.5 | 96 | 95.0 | |||
| Central Region | 80 | 84.0 | 82 | 81.5 | |||
| East Region | 112 | 108.0 | 100 | 98.0 | |||
| Total | 275 | 272.5 | 278 | 274.5 | |||
| Meritage Homes Corporation and Subsidiaries Supplemental and Non-GAAP information (Unaudited) Supplemental Information (Dollars in thousands): | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Depreciation and amortization | $ | 6,038 | $ | 5,208 | |||
| Summary of Capitalized Interest: | |||||||
| Capitalized interest, beginning of period | $ | 54,516 | $ | 60,169 | |||
| Interest incurred | 12,925 | 15,030 | |||||
| Interest expensed | — | — | |||||
| Interest amortized to cost of home and land closings | (13,214 | ) | (12,747 | ) | |||
| Capitalized interest, end of period | $ | 54,227 | $ | 62,452 | |||
| Reconciliation of Non-GAAP Information (Dollars in thousands): | |||||||
| Debt-to-Capital Ratios | |||||||
| March 31, 2024 | December 31, 2023 | ||||||
| Senior notes, net, loans payable and other borrowings | 1,001,570 | 1,008,215 | |||||
| Stockholders' equity | 4,720,573 | 4,611,900 | |||||
| Total capital | $ | 5,722,143 | $ | 5,620,115 | |||
| Debt-to-capital | 17.5 | % | 17.9 | % | |||
| Senior notes, net, loans payable and other borrowings | $ | 1,001,570 | $ | 1,008,215 | |||
| Less: cash and cash equivalents | (905,298 | ) | (921,227 | ) | |||
| Net debt | $ | 96,272 | $ | 86,988 | |||
| Stockholders’ equity | 4,720,573 | 4,611,900 | |||||
| Total net capital | $ | 4,816,845 | $ | 4,698,888 | |||
| Net debt-to-capital (1) | 2.0 | % | 1.9 | % | |||
(1) Net debt-to-capital reflects certain adjustments to the debt-to-capital ratio and is defined as net debt (debt less cash and cash equivalents) divided by total capital (net debt plus stockholders' equity). Net debt-to-capital is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe this non-GAAP financial measure is relevant and useful to investors in understanding our operating results and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. We encourage investors to understand the methods used by other companies in the homebuilding industry to calculate non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.
About Meritage Homes Corporation
Meritage Homes is the fifth-largest public homebuilder in the United States, based on homes closed in 2023. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Meritage Homes has delivered over 180,000 homes in its 38-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s ("EPA") ENERGY STAR® Partner of the Year for Sustained Excellence Award, a ten-time recipient of the EPA's ENERGY STAR® Residential New Construction Market Leader Award, and a three-time recipient of the EPA's Indoor airPLUS Leader Award.
For more information, visit www.meritagehomes.com.
The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our full year 2024 projected home closing volume, home closing revenue, home closing margin, effective tax rate and diluted earnings per share.
Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: increases in interest rates or decreases in mortgage availability, and the cost and use of rate locks and buy-downs; inflation in the cost of materials used to develop communities and construct homes; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; the adverse effect of slow absorption rates; legislation related to tariffs; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; shortages in the availability and cost of subcontract labor; the replication of our energy-efficient technologies by our competitors; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations; liabilities or restrictions resulting from regulations applicable to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic, and measures that federal, state and local governments and/or health authorities implement to address it; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2023 under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.
| Contacts: | Emily Tadano, VP Investor Relations and ESG |
| (480) 515-8979 (office) | |
| investors@meritagehomes.com |
FAQ
How many homes did Meritage Homes close in the first quarter of 2024?
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What was the percentage change in net earnings for Meritage Homes from the first quarter of 2023 to the first quarter of 2024?
What was the net debt-to-capital ratio for Meritage Homes at the end of March 31, 2024?
What is Meritage Homes' guidance for full year 2024 diluted EPS?
