New orders were up a solid 44 per cent.
“The housing market has stabilised and the recovery is well underway,” said CEO Stuart Miller. “Low mortgage rates, affordable home prices, increased buyer confidence and an extremely favourable rent-to-own comparison are driving growth in each of our markets. Additionally, reduced foreclosures and declining distressed home inventory are further contributing to the improvement in the housing market.”
Here are some bullet points from the company’s earnings release:
- Net earnings of $87.1 million, or $0.40 per diluted share, compared to net earnings of $20.7 million, or $0.11 per diluted share
- Deliveries of 3,655 homes – up 28%
- New orders of 4,198 homes – up 44%; cancellation rate of 17%
- Backlog of 4,513 homes – up 79%; backlog dollar value of $1.3 billion – up 95%
- Revenues of $1.1 billion – up 34%
These are all encouraging signs for the housing market.
Unfortunately, not everyone shares Miller’s sentiment.
Business Insider Emails & Alerts
Site highlights each day to your inbox.