Beazer Homes USA Inc. (BZH) Posts a Loss
Beazer Homes USA Inc., which faces federal investigations of company practices and personnel, said Thursday it swung to a loss in its fiscal third quarter after the homebuilder cut prices to spur sales and took major charges to write down the value of unsold inventory.
Its shares fell as Wall Street punished housing-related companies and the equity market as a whole on worries about lending to companies and homeowners.
For the three months ended June 30, the company posted a loss of $123 million, or $3.20 per share, compared to a year ago when it earned $102.6 million, or $2.37 per share.
The latest quarter included pretax charges of $188.5 million to write down the value of inventory and goodwill and to forfeit options on land.
Analysts surveyed by Thomson Financial, on average, projected a loss of 32 cents per share in the quarter.
Its shares fell as Wall Street punished housing-related companies and the equity market as a whole on worries about lending to companies and homeowners.
For the three months ended June 30, the company posted a loss of $123 million, or $3.20 per share, compared to a year ago when it earned $102.6 million, or $2.37 per share.
The latest quarter included pretax charges of $188.5 million to write down the value of inventory and goodwill and to forfeit options on land.
Analysts surveyed by Thomson Financial, on average, projected a loss of 32 cents per share in the quarter.
Labels: Beazer Homes USA Inc., BZH
posted by Stock Administrator @ 3:42 PM
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