Meritage Homes Corporation reported record-setting full-year 2024 results, achieving its highest annual closing volume of 15,611 homes, a 12% increase year-over-year. The company also reached a company-high home closing revenue of $6.3 billion for the full year, up 5% from 2023.
For the fourth quarter of 2024, diluted EPS was $4.72, a 12% decrease from $5.38 in Q4 2023, but significantly above analysts' consensus estimates of $2.21. Home closing revenue for the quarter was $1.6 billion, down 3% year-over-year, while orders increased 14% to 3,304 homes.
The company's home closing gross margin for Q4 2024 was 23.2%, a 200 basis point decrease from 25.2% in the prior year, primarily due to increased financing incentives and higher lot costs. Meritage also announced an additional $250 million to its share repurchase program, bringing the total available to $309.1 million, and completed a two-for-one stock split on January 2, 2025.
Meritage Homes provided full-year 2025 guidance, projecting home closing volume between 16,250 and 16,750 units, and home closing revenue between $6.6 billion and $6.9 billion. The company ended 2024 with a strong balance sheet, including $651.6 million in cash and a net debt-to-capital ratio of 11.7%.
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