On July 24th, in its quarterly earnings report to Wall Street, Scottsdale headquartered home-builder, Meritage Homes Corporation (NYSE:MTH), announced they had a 15% increase in both home closing revenue and earnings per share over last year.
The Matheson Team has sold many Meritage homes in the Scottsdale area over the years, and we’re thrilled to see their nationwide performance demonstrate a trend of strong growth.
As of the end of the 2nd quarter, Meritage’s active “community count” nationwide is 175 communities. It expects to have over 200 under development by the start of 2015.
Arizona was one of their first ventures in 1985 and now Meritage is in most southeastern and western metropolitan areas, including Georgia, Arizona and Texas.
Steve Hilton, Meritage Chairman and Chief Executive Officer said, “We are quite pleased to show year-over-year growth in 2014 across every key operating metric, given that market conditions were generally not as strong in the second quarter this year as they were a year ago”.
Meritage posted second-quarter earnings of 85 cents per share on revenue of $505.6m as compared to last year when earnings were 74 cents per share on revenue of $450m.
Today, analysts from Barclays restated their rating on Meritage shares to “Buy,” anticipating a more than 20% increase in the current stock price in 2015.
The company employs over 1,000 people nationwide with approximately 400 people in their management and administrative ranks mostly based here in Scottsdale.
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