Beazer Homes USA Q3 Loss Widens On Extinguishment Of Debt - Quick Facts

(RTTNews) - Beazer Homes USA, Inc. (BZH) reported a third-quarter loss from continuing operations of $13.19 million or $0.50 per share, compared to a loss of $5.44 million or $0.22 per share, prior year. The company reported $6.6 million in income from continuing operations, excluding a $19.8 million loss on the extinguishment of debt, related to the refinancing transaction in April.

Operating income increased year-over-year to $15.09 million from $8.47 million.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.15 for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased to $354.67 million from $314.44 million, a year ago. Analysts expected revenue of $360.13 million for the quarter.

"For the third quarter, we recorded strong gross margins, higher average sales prices anda sales absorption rate that was among the highest in our peer group. This led to a substantial improvement in Adjusted EBITDA and enabled us to report income from homebuilding operations in our third quarter for the first time in nearly a decade. We believe our improved operational and financial results will allow us to report a full year of profitability for fiscal 2014 and further growth in the years ahead," said Allan Merrill, CEO of Beazer Homes.