Tri Pointe Homes, Inc. (TPH) Misses Q4 EPS by 1c

Tri Pointe Homes, Inc. (NYSE: TPH) reported Q4 EPS of $0.36, $0.01 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $773.3 million versus the consensus estimate of $796.69 million.

• Net income available to common stockholders was $57.9 million, or $0.36 per diluted share, compared to $85.1 million, or $0.52 per diluted share
• New home orders of 909 compared to 753, an increase of 21%
• Active selling communities averaged 122.8 compared to 112.8, an increase of 9% - New home orders per average selling community increased by 10% to 7.4 orders (2.5 monthly) compared to 6.7 orders (2.2 monthly)- Cancellation rate of 20% compared to 21%, a decrease of 100 basis points
• Backlog units at quarter end of 1,193 homes compared to 1,156, an increase of 3% - Dollar value of backlog at quarter end of $661.1 million compared to $697.3 million, a decrease of 5% - Average sales price in backlog at quarter end of $554,000 compared to $603,000, a decrease of 8%
• Home sales revenue of $770.7 million compared to $847.4 million, a decrease of 9% - New home deliveries of 1,427 homes compared to 1,453 homes, a decrease of 2% - Average sales price of homes delivered of $540,000 compared to $583,000, a decrease of 7%
• Homebuilding gross margin percentage of 20.0% compared to 22.2%, a decrease of 220 basis points - Excluding interest, impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 22.2%*
• SG&A expense as a percentage of homes sales revenue of 9.2% compared to 8.4%, an increase of 80 basis points
• Ratios of debt-to-capital and net debt-to-capital of 43.0% and 39.1%*, respectively, as of December 31, 2016
• Repurchased 1,455,332 shares of common stock at an average price of $11.66 for an aggregate dollar amount of $17.0 million in the three months ended December 31, 2016
• Ended fourth quarter of 2016 with cash of $208.7 million and $420.7 million of availability under the Company's unsecured revolving credit facility

For earnings history and earnings-related data on Tri Pointe Homes, Inc. (TPH) click here.

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