Meritage Homes reports first quarter 2024 results
24 Abril 2024 - 5:30PM
Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S.
homebuilder, reported first quarter results for the period ended
March 31, 2024.
Summary Operating Results
(unaudited)(Dollars in thousands, except per share
amounts) |
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
% Chg |
Homes closed (units) |
|
3,507 |
|
|
2,897 |
|
21 |
% |
Home closing revenue |
$ |
1,466,096 |
|
$ |
1,261,923 |
|
16 |
% |
Average sales price — closings |
$ |
418 |
|
$ |
436 |
|
(4 |
)% |
Home orders (units) |
|
3,991 |
|
|
3,487 |
|
14 |
% |
Home order value |
$ |
1,631,195 |
|
$ |
1,506,893 |
|
8 |
% |
Average sales price — orders |
$ |
409 |
|
$ |
432 |
|
(5 |
)% |
Ending backlog (units) |
|
3,033 |
|
|
3,922 |
|
(23 |
)% |
Ending backlog value |
$ |
1,244,257 |
|
$ |
1,763,832 |
|
(29 |
)% |
Average sales price — backlog |
$ |
410 |
|
$ |
450 |
|
(9 |
)% |
Earnings before income taxes |
$ |
234,015 |
|
$ |
165,303 |
|
42 |
% |
Net earnings |
$ |
186,016 |
|
$ |
131,301 |
|
42 |
% |
Diluted EPS |
$ |
5.06 |
|
$ |
3.54 |
|
43 |
% |
MANAGEMENT COMMENTS
“Meritage has had a remarkable start to the year,
generating an average absorption pace of 4.9 per month in the first
quarter of 2024, which resulted in our highest quarterly sales
orders,” said Steven J. Hilton, executive chairman of Meritage
Homes. “We entered the spring selling season with a healthy supply
of available inventory and were able to capitalize on strong
current market conditions stemming from the increasing need for
housing from Millennials, Gen Z and the move-down Baby Boomers, all
finding limited existing housing supply.”
“Executing on our spec building and streamlined
strategy, we delivered 3,507 homes in the first quarter of 2024—of
which nearly 50% came from intra-quarter sales orders—and yet
another record backlog conversion rate of 138%,” added Phillippe
Lord, chief executive officer of Meritage Homes. "Home closing
revenue of $1.5 billion in the first quarter of 2024 combined with
home closing gross margin of 25.8% and SG&A leverage of 10.4%
generated $5.06 in diluted EPS. We increased our book value per
share 17% year-over-year to $129.98 and generated a return on
equity of 18.0% as of March 31, 2024."*
“In the first quarter of 2024, we carried out our
commitment to growth by putting nearly 6,300 net new lots under
control, representing an estimated 43 future communities. We
strategically deployed our capital by spending $430 million on land
acquisition and development and returning $83 million back to
shareholders in the form of share repurchases and dividends. We
achieved this balanced long-term value creation, while maintaining
cash of over $905 million and a net debt-to-capital ratio of 2.0%
at March 31, 2024.”
FIRST QUARTER RESULTS
- Orders of 3,991
homes for the first quarter of 2024 increased 14% year-over-year,
due primarily to a 17% increase in the average absorption pace to
4.9 per month from 4.2 per month in the first quarter of 2023,
which was partially offset by a 1% decrease in average active
communities. Strong demand coupled with the right amount of
available inventory during the first quarter of 2024 led to our
highest quarterly sales order volume, which benefited from an 8%
cancellation rate that was well below the Company's historical
average. Entry-level represented 91% of first quarter 2024 sales
orders, compared to 87% in the same quarter of 2023. Average sales
price ("ASP") on orders in the first quarter of 2024 of $409,000
was down 5% from the first quarter of 2023 due to both geographic
and product mix shift.
- The 16%
year-over-year increase in home closing revenue to $1.5 billion was
due to 21% higher home closing volume that was partially offset by
a 4% decrease in ASP on closings resulting from product mix shift.
First quarter 2024 ASP on closings increased sequentially from the
fourth quarter of 2023 due to reduced utilization of rate lock
financing incentives and price increases.
- Home closing gross
margin improved 340 bps to 25.8% in the first quarter of 2024 from
22.4% in the prior year due to reduced utilization of rate lock
financing incentives, lower direct costs, and greater leverage of
fixed costs, which were partially offset by higher lot costs.
- The financial
services loss of $0.7 million included $5.8 million in write-offs
related to rate lock unwind costs in the first quarter of 2024.
This compared to financial services profit of $2.9 million in the
first quarter of 2023 that had $1.9 million in similar
write-offs.
- Selling, general
and administrative expenses ("SG&A") as a percentage of first
quarter 2024 home closing revenue were 10.4%, which was relatively
in line with 10.3% in the prior year, primarily as a result of
higher commissions offsetting the leverage achieved on higher home
closing revenue.
- The first quarter
effective income tax rate was 20.5% in 2024, in line with 20.6% in
2023. The Company's tax rates benefited from earned eligible energy
tax credits on qualifying homes under the Inflation Reduction
Act.
- Net earnings were
$186.0 million ($5.06 per diluted share) for the first quarter of
2024, a 42% increase from $131.3 million ($3.54 per diluted share)
for the first quarter of 2023 due to higher home closing revenue
and gross profit with flat SG&A as a percentage of home closing
revenue and tax rates achieved in the first quarter of 2024.
BALANCE SHEET & LIQUIDITY
- Cash and cash
equivalents at March 31, 2024 totaled $905.3 million, compared to
$921.2 million at December 31, 2023.
- Land acquisition
and development spend totaled $430.4 million for the first quarter
of 2024, compared to $310.1 million for the first quarter of
2023.
- Approximately
66,400 lots were owned or controlled as of March 31, 2024, compared
to approximately 60,900 total lots at March 31, 2023. Nearly 6,300
net new lots were added in the first quarter of 2024, representing
an estimated 43 future communities.
- First quarter 2024
ending community count of 275 was up 2% sequentially compared to
the fourth quarter of 2023, and down 1% compared to prior
year.
- Debt-to-capital and
net debt-to-capital ratios were 17.5% and 2.0%, respectively, at
March 31, 2024, which compared to 17.9% and 1.9%, respectively, at
December 31, 2023.
- The Company
increased the quarterly cash dividend to $0.75 per share in the
first quarter of 2024, from $0.27 per share in the first quarter of
2023, and paid dividends totaling $27.2 million in the first
quarter of 2024.
- In the first
quarter of 2024, the Company repurchased 362,419 shares of stock,
or approximately 1.0% of the outstanding shares at the beginning of
the quarter, for $55.9 million, well exceeding the announced
systematic buyback commitment of $15.0 million per quarter. As of
March 31, 2024, $129.1 million remained available to repurchase
under the authorized share repurchase program.
GUIDANCEThe Company is providing
the following updated guidance for full year 2024, based on first
quarter 2024 results and current market conditions:
|
Full Year 2024 |
Home closing volume |
14,500-15,000 units |
Home closing revenue |
$6.0-6.2 billion |
Home closing gross margin |
24.5-25.0% |
Effective tax rate |
Approximately 22.5% |
Diluted EPS |
$19.20-20.70 |
CONFERENCE CALLManagement will
host a conference call to discuss its first quarter 2024 results at
8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) on Thursday, April
25, 2024. To listen, please go to Meritage's Investor Relations
page for the live webcast or dial in to 1-877-407-6951 US toll free
or 1-412-902-0046. A replay will be available on the Investor
Relations page.
* The Company's return on equity is calculated as
net income for the trailing twelve months divided by average total
stockholders' equity for the trailing five quarters. The Company's
book value per share is calculated as total stockholders' equity
for the period divided by the shares outstanding as of the last day
of the period.
Meritage Homes Corporation and
SubsidiariesConsolidated Income
Statements(In thousands, except per share
data)(Unaudited) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Change $ |
|
Change % |
Homebuilding: |
|
|
|
|
|
|
|
|
Home closing revenue |
$ |
1,466,096 |
|
|
$ |
1,261,923 |
|
|
$ |
204,173 |
|
|
16 |
% |
|
Land closing revenue |
|
2,305 |
|
|
|
17,385 |
|
|
|
(15,080 |
) |
|
(87 |
)% |
|
Total closing revenue |
|
1,468,401 |
|
|
|
1,279,308 |
|
|
|
189,093 |
|
|
15 |
% |
|
Cost of home closings |
|
(1,088,138 |
) |
|
|
(979,462 |
) |
|
|
108,676 |
|
|
11 |
% |
|
Cost of land closings |
|
(2,298 |
) |
|
|
(15,945 |
) |
|
|
(13,647 |
) |
|
(86 |
)% |
|
Total cost of closings |
|
(1,090,436 |
) |
|
|
(995,407 |
) |
|
|
95,029 |
|
|
10 |
% |
|
Home closing gross profit |
|
377,958 |
|
|
|
282,461 |
|
|
|
95,497 |
|
|
34 |
% |
|
Land closing gross profit |
|
7 |
|
|
|
1,440 |
|
|
|
(1,433 |
) |
|
(100 |
)% |
|
Total closing gross profit |
|
377,965 |
|
|
|
283,901 |
|
|
|
94,064 |
|
|
33 |
% |
Financial Services: |
|
|
|
|
|
|
|
|
|
Revenue |
|
6,353 |
|
|
|
5,731 |
|
|
|
622 |
|
|
11 |
% |
|
Expense |
|
(3,003 |
) |
|
|
(3,067 |
) |
|
|
(64 |
) |
|
(2 |
)% |
|
(Loss)/earnings from financial
services unconsolidated entities and other, net |
|
(4,040 |
) |
|
|
259 |
|
|
|
(4,299 |
) |
|
N/M |
|
|
Financial services (loss)/profit |
|
(690 |
) |
|
|
2,923 |
|
|
|
(3,613 |
) |
|
(124 |
)% |
Commissions and other sales costs |
|
(101,550 |
) |
|
|
(82,846 |
) |
|
|
18,704 |
|
|
23 |
% |
General and administrative expenses |
|
(50,732 |
) |
|
|
(47,519 |
) |
|
|
3,213 |
|
|
7 |
% |
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
% |
Other income, net |
|
9,022 |
|
|
|
8,844 |
|
|
|
178 |
|
|
2 |
% |
Earnings before income taxes |
|
234,015 |
|
|
|
165,303 |
|
|
|
68,712 |
|
|
42 |
% |
Provision for income taxes |
|
(47,999 |
) |
|
|
(34,002 |
) |
|
|
13,997 |
|
|
41 |
% |
Net earnings |
$ |
186,016 |
|
|
$ |
131,301 |
|
|
$ |
54,715 |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
Change $ or shares |
|
Change % |
|
Earnings per common share |
$ |
5.12 |
|
|
$ |
3.58 |
|
|
$ |
1.54 |
|
|
43 |
% |
|
Weighted average shares outstanding |
|
36,311 |
|
|
|
36,664 |
|
|
|
(353 |
) |
|
(1 |
)% |
|
Diluted |
|
|
|
|
|
|
|
|
|
Earnings per common share |
$ |
5.06 |
|
|
$ |
3.54 |
|
|
$ |
1.52 |
|
|
43 |
% |
|
Weighted average shares outstanding |
|
36,779 |
|
|
|
37,121 |
|
|
|
(342 |
) |
|
(1 |
)% |
Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets(In
thousands)(Unaudited) |
|
|
March 31, 2024 |
|
December 31, 2023 |
Assets: |
|
|
|
Cash and cash equivalents |
$ |
905,298 |
|
$ |
921,227 |
Other receivables |
|
243,322 |
|
|
266,972 |
Real estate (1) |
|
4,914,512 |
|
|
4,721,291 |
Deposits on real estate under option or contract |
|
122,813 |
|
|
111,364 |
Investments in unconsolidated entities |
|
18,743 |
|
|
17,170 |
Property and equipment, net |
|
47,868 |
|
|
48,953 |
Deferred tax asset, net |
|
47,000 |
|
|
47,573 |
Prepaids, other assets and goodwill |
|
189,749 |
|
|
218,584 |
Total assets |
$ |
6,489,305 |
|
$ |
6,353,134 |
Liabilities: |
|
|
|
Accounts payable |
$ |
306,150 |
|
$ |
271,650 |
Accrued liabilities |
|
418,216 |
|
|
424,764 |
Home sale deposits |
|
42,796 |
|
|
36,605 |
Loans payable and other borrowings |
|
6,604 |
|
|
13,526 |
Senior notes, net |
|
994,966 |
|
|
994,689 |
Total liabilities |
|
1,768,732 |
|
|
1,741,234 |
Stockholders' Equity: |
|
|
|
Preferred stock |
|
— |
|
|
— |
Common stock |
|
363 |
|
|
364 |
Additional paid-in capital |
|
240,852 |
|
|
290,955 |
Retained earnings |
|
4,479,358 |
|
|
4,320,581 |
Total stockholders’ equity |
|
4,720,573 |
|
|
4,611,900 |
Total liabilities and stockholders’ equity |
$ |
6,489,305 |
|
$ |
6,353,134 |
(1) Real estate – Allocated costs: |
|
|
|
Homes under contract under construction |
$ |
858,943 |
|
$ |
704,206 |
Unsold homes, completed and under construction |
|
1,304,633 |
|
|
1,260,855 |
Model homes |
|
118,958 |
|
|
118,252 |
Finished home sites and home sites under development |
|
2,631,978 |
|
|
2,637,978 |
Total real estate |
$ |
4,914,512 |
|
$ |
4,721,291 |
Meritage Homes Corporation and
SubsidiariesConsolidated Statements of Cash
Flows (In thousands)
(Unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
Net earnings |
$ |
186,016 |
|
|
$ |
131,301 |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
6,038 |
|
|
|
5,208 |
|
Stock-based compensation |
|
6,114 |
|
|
|
6,225 |
|
Equity in earnings from unconsolidated entities |
|
(972 |
) |
|
|
(1,346 |
) |
Distribution of earnings from unconsolidated entities |
|
985 |
|
|
|
1,776 |
|
Other |
|
1,001 |
|
|
|
928 |
|
Changes in assets and liabilities: |
|
|
|
(Increase)/decrease in real estate |
|
(193,431 |
) |
|
|
2,999 |
|
(Increase)/decrease in deposits on real estate under option or
contract |
|
(11,449 |
) |
|
|
10,886 |
|
Decrease/(increase) in other receivables, prepaids and other
assets |
|
53,769 |
|
|
|
(11,749 |
) |
Increase/(decrease) in accounts payable and accrued
liabilities |
|
27,668 |
|
|
|
(31,687 |
) |
Increase in home sale deposits |
|
6,191 |
|
|
|
9,931 |
|
Net cash provided by operating activities |
|
81,930 |
|
|
|
124,472 |
|
Cash flows from investing activities: |
|
|
|
Investments in unconsolidated entities |
|
(1,586 |
) |
|
|
— |
|
Distributions of capital from unconsolidated entities |
|
— |
|
|
|
43 |
|
Purchases of property and equipment |
|
(6,258 |
) |
|
|
(8,899 |
) |
Proceeds from sales of property and equipment |
|
79 |
|
|
|
128 |
|
Net cash used in investing activities |
|
(7,765 |
) |
|
|
(8,728 |
) |
Cash flows from financing activities: |
|
|
|
Repayment of loans payable and other borrowings |
|
(6,922 |
) |
|
|
(168 |
) |
Dividends paid |
|
(27,239 |
) |
|
|
(9,927 |
) |
Repurchase of shares |
|
(55,933 |
) |
|
|
(10,000 |
) |
Net cash used in financing activities |
|
(90,094 |
) |
|
|
(20,095 |
) |
Net (decrease)/increase in cash and cash
equivalents |
|
(15,929 |
) |
|
|
95,649 |
|
Beginning cash and cash equivalents |
|
921,227 |
|
|
|
861,561 |
|
Ending cash and cash equivalents |
$ |
905,298 |
|
|
$ |
957,210 |
|
Meritage Homes Corporation and
SubsidiariesOperating
Data(Dollars in thousands)
(Unaudited)
We aggregate our homebuilding operating segments
into reporting segments based on similar long-term economic
characteristics and geographical proximity. Our three reportable
homebuilding segments are as follows:
- West: Arizona, California, Colorado,
and Utah
- Central: Texas
- East: Florida, Georgia, North
Carolina, South Carolina, and Tennessee
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
Homes |
|
Value |
|
Homes |
|
Value |
Homes Closed: |
|
|
|
|
|
|
|
West Region |
1,014 |
|
|
515,632 |
|
785 |
|
|
417,322 |
Central Region |
1,167 |
|
|
427,565 |
|
1,048 |
|
|
424,880 |
East Region |
1,326 |
|
|
522,899 |
|
1,064 |
|
|
419,721 |
Total |
3,507 |
|
$ |
1,466,096 |
|
2,897 |
|
$ |
1,261,923 |
|
|
|
|
|
|
|
|
Homes Ordered: |
|
|
|
|
|
|
|
West Region |
1,170 |
|
|
580,805 |
|
1,286 |
|
|
635,936 |
Central Region |
1,310 |
|
|
482,183 |
|
1,073 |
|
|
420,521 |
East Region |
1,511 |
|
|
568,207 |
|
1,128 |
|
|
450,436 |
Total |
3,991 |
|
$ |
1,631,195 |
|
3,487 |
|
$ |
1,506,893 |
|
|
|
|
|
|
|
|
Order Backlog: |
|
|
|
|
|
|
|
West Region |
902 |
|
|
439,957 |
|
1,373 |
|
|
676,135 |
Central Region |
911 |
|
|
341,691 |
|
988 |
|
|
419,822 |
East Region |
1,220 |
|
|
462,609 |
|
1,561 |
|
|
667,875 |
Total |
3,033 |
|
$ |
1,244,257 |
|
3,922 |
|
$ |
1,763,832 |
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
Ending |
|
Average |
|
Ending |
|
Average |
Active Communities: |
|
|
|
|
|
|
|
West Region |
83 |
|
80.5 |
|
96 |
|
95.0 |
Central Region |
80 |
|
84.0 |
|
82 |
|
81.5 |
East Region |
112 |
|
108.0 |
|
100 |
|
98.0 |
Total |
275 |
|
272.5 |
|
278 |
|
274.5 |
Meritage Homes Corporation and
SubsidiariesSupplemental and Non-GAAP
information(Unaudited)Supplemental
Information (Dollars in thousands): |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Depreciation and amortization |
$ |
6,038 |
|
|
$ |
5,208 |
|
|
|
|
|
Summary of Capitalized Interest: |
|
|
|
Capitalized interest, beginning of period |
$ |
54,516 |
|
|
$ |
60,169 |
|
Interest incurred |
|
12,925 |
|
|
|
15,030 |
|
Interest expensed |
|
— |
|
|
|
— |
|
Interest amortized to cost of home and land closings |
|
(13,214 |
) |
|
|
(12,747 |
) |
Capitalized interest, end of period |
$ |
54,227 |
|
|
$ |
62,452 |
|
Reconciliation of Non-GAAP Information (Dollars in
thousands): |
|
Debt-to-Capital Ratios |
|
March 31, 2024 |
|
December 31, 2023 |
Senior notes, net, loans payable and other borrowings |
|
1,001,570 |
|
|
|
1,008,215 |
|
Stockholders' equity |
|
4,720,573 |
|
|
|
4,611,900 |
|
Total capital |
$ |
5,722,143 |
|
|
$ |
5,620,115 |
|
Debt-to-capital |
|
17.5 |
% |
|
|
17.9 |
% |
|
|
|
|
Senior notes, net, loans payable and other borrowings |
$ |
1,001,570 |
|
|
$ |
1,008,215 |
|
Less: cash and cash equivalents |
|
(905,298 |
) |
|
|
(921,227 |
) |
Net debt |
$ |
96,272 |
|
|
$ |
86,988 |
|
Stockholders’ equity |
|
4,720,573 |
|
|
|
4,611,900 |
|
Total net capital |
$ |
4,816,845 |
|
|
$ |
4,698,888 |
|
Net debt-to-capital (1) |
|
2.0 |
% |
|
|
1.9 |
% |
(1) Net debt-to-capital reflects certain
adjustments to the debt-to-capital ratio and is defined as net debt
(debt less cash and cash equivalents) divided by total capital (net
debt plus stockholders' equity). Net debt-to-capital is considered
a non-GAAP financial measure and should be considered in addition
to, rather than as a substitute for, the comparable GAAP financial
measures. We believe this non-GAAP financial measure is relevant
and useful to investors in understanding our operating results and
may be helpful in comparing the Company with other companies in the
homebuilding industry to the extent they provide similar
information. We encourage investors to understand the methods used
by other companies in the homebuilding industry to calculate
non-GAAP financial measures and any adjustments thereto before
comparing to our non-GAAP financial measures.
About Meritage Homes
CorporationMeritage Homes is the fifth-largest public
homebuilder in the United States, based on homes closed in 2023.
The Company offers energy-efficient and affordable entry-level and
first move-up homes. Operations span across Arizona, California,
Colorado, Utah, Texas, Florida, Georgia, North Carolina, South
Carolina and Tennessee.
Meritage Homes has delivered over 180,000 homes in
its 38-year history, and has a reputation for its distinctive
style, quality construction, and award-winning customer experience.
The Company is an industry leader in energy-efficient homebuilding,
an eleven-time recipient of the U.S. Environmental Protection
Agency’s ("EPA") ENERGY STAR® Partner of the Year for Sustained
Excellence Award, a ten-time recipient of the EPA's ENERGY STAR®
Residential New Construction Market Leader Award, and a three-time
recipient of the EPA's Indoor airPLUS Leader Award.
For more information, visit
www.meritagehomes.com.
The information included in this press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include expectations about the housing market in general and our
future results including our full year 2024 projected home closing
volume, home closing revenue, home closing margin, effective tax
rate and diluted earnings per share.
Such statements are based on the current beliefs
and expectations of Company management and current market
conditions, which are subject to significant uncertainties and
fluctuations. Actual results may differ from those set forth in the
forward-looking statements. The Company makes no commitment, and
disclaims any duty, except as required by law, to update or revise
any forward-looking statements to reflect future events or changes
in these expectations. Meritage's business is subject to a number
of risks and uncertainties. As a result of those risks and
uncertainties, the Company's stock and note prices may fluctuate
dramatically. These risks and uncertainties include, but are not
limited to, the following: increases in interest rates or decreases
in mortgage availability, and the cost and use of rate locks and
buy-downs; inflation in the cost of materials used to develop
communities and construct homes; cancellation rates; supply chain
and labor constraints; the ability of our potential buyers to sell
their existing homes; our ability to acquire and develop lots may
be negatively impacted if we are unable to obtain performance and
surety bonds; the adverse effect of slow absorption rates;
legislation related to tariffs; impairments of our real estate
inventory; competition; home warranty and construction defect
claims; failures in health and safety performance; fluctuations in
quarterly operating results; our level of indebtedness; our ability
to obtain financing if our credit ratings are downgraded; our
exposure to and impacts from natural disasters or severe weather
conditions; the availability and cost of finished lots and
undeveloped land; the success of our strategy to offer and market
entry-level and first move-up homes; a change to the feasibility of
projects under option or contract that could result in the
write-down or write-off of earnest money or option deposits; our
limited geographic diversification; shortages in the availability
and cost of subcontract labor; the replication of our
energy-efficient technologies by our competitors; our exposure to
information technology failures and security breaches and the
impact thereof; the loss of key personnel; changes in tax laws that
adversely impact us or our homebuyers; our inability to prevail on
contested tax positions; failure of our employees and
representatives to comply with laws and regulations; our compliance
with government regulations; liabilities or restrictions resulting
from regulations applicable to our financial services operations;
negative publicity that affects our reputation; potential
disruptions to our business by an epidemic or pandemic, and
measures that federal, state and local governments and/or health
authorities implement to address it; and other factors identified
in documents filed by the Company with the Securities and Exchange
Commission, including those set forth in our Form 10-K for the year
ended December 31, 2023 under the caption "Risk Factors," which can
be found on our website at https://investors.meritagehomes.com.
Contacts: |
Emily Tadano, VP Investor Relations and ESG |
|
(480) 515-8979 (office) |
|
investors@meritagehomes.com |
Meritage Homes (NYSE:MTH)
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