Beazer Homes USA Inc. stated late Thursday {that a} cybersecurity “incident” delayed closings of a few of its new properties on the finish of final yr.
Beazer Homes’ inventory
BZH,
dropped greater than 4% within the prolonged session Thursday after the builder reported fiscal first-quarter income of $387 million, which compares with income of $445 million within the year-ago quarter.
Analysts polled by FactSet anticipated income of $421 million for the interval. The drop in complete income included a 14% year-over-year decline in homebuilding income.
Beazer earned $21.7 million, or 70 cents a share, within the quarter, in contrast with $24.3 million, or 80 cents a share, within the fiscal first quarter of 2023. FactSet consensus known as for EPS of 71 cents a share for the quarter.
Beazer stated internet new orders grew “significantly” as in contrast with the earlier yr. “With a large backlog, improving cycle times and community count growth, we’re on track to meet our growth and profitability goals for the fiscal year,” the corporate stated.
The firm didn’t present particulars concerning the cybersecurity situation besides to say that it occurred on the finish of December and affected one in every of its title-insurer suppliers.
“Although the delayed closings led to slightly lower revenue and earnings in the quarter, I’m pleased to report that these delayed closings were all completed during the first two weeks of January and that the title-insurance provider has returned to normal operations,” Chief Executive Allan P. Merrill stated in an announcement.
Shares of Beazer Homes have soared 95% up to now 12 months, in contrast with an advance of round 20% for the S&P 500 index
SPX.
Source web site: www.marketwatch.com
