Meritage Homes Q2 Profit Edges Up

(RTTNews) - Meritage Homes Corp. (MTH) Tuesday reported an increase in second quarter net income to $41.58 million from $39.88 million a year ago. On a per share basis, earnings slightly grew to $1.03 from $1.00 last year.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.76 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $801.98 million from $797.89 million in the previous year. Wall Street expected the company to report revenue of $763.31 million.

The company said it anticipates pricing power in most markets to maintain gross margins consistent with 2016 while generating approximately $230-250 million in pre-tax earnings through a combination of cost management and operating leverage.