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Tri Pointe Homes, Inc. (NYSE:TPH) reported upbeat earnings for its fourth quarter on Tuesday.
Tri Pointe Homes posted quarterly earnings of $1.36 per share, versus market estimates of $1.18 per share. The company’s quarterly sales came in at $1.24 billion compared to expectations of $1.19 billion.
“2023 proved to be another strong year for Tri Pointe Homes, capped off by a successful fourth quarter, during which we reported home sales revenue of $1.2 billion, homebuilding gross margin percentage of 22.9%, and diluted earnings per share of $1.36,” said Doug Bauer, Tri Pointe Homes Chief Executive Officer. “The strong finish to the year was accompanied by a 143% increase in net new home orders for the quarter, which led to a 40% increase for the full year. We ended the year with 155 active selling communities, which was a 14% increase over the prior year. Based on our strong land pipeline with approximately 32,000 owned or controlled lots, we expect to grow our community count by another 10% by the end of 2025.”
Tri Pointe Homes shares gained 1.6% to trade at $35.34 on Wednesday.
These analysts made changes to their price targets on Tri Pointe Homes after the company reported quarterly results.
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Posted In: TPH