Beazer Homes USA, Inc. announced its financial results for the three and six months ended March 31, 2025. For the second quarter, total revenue was $565.3 million, an increase of 4.4% year-over-year, driven by increased closings of 1,079 homes compared to 1,044 in the prior year.
Homebuilding gross margin (GAAP) decreased to 15.1% from 18.7% in the prior year quarter, primarily due to higher price concessions, increased closing cost incentives, and a greater share of spec home closings. Net income for the quarter was $12.8 million, or $0.42 per diluted share, down from $39.2 million, or $1.26 per diluted share, in the prior year.
The company also announced a strategic reevaluation of capital allocation, tempering the pace of community count expansion and debt reduction to accelerate share repurchases. New multi-year goals include reaching over 200 active communities and reducing net debt to net capitalization to the low 30s by the end of fiscal 2027, a year later than previously planned. A new $100 million share repurchase program was authorized, replacing the prior one, signaling management's conviction that buying back stock at a substantial discount to book value represents a compelling risk-reward opportunity.
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