SCOTTSDALE, Ariz. (AP) — SCOTTSDALE, Ariz. (AP) — Meritage Homes Corp. (MTH) on Wednesday reported first-quarter earnings of $55.3 million.
On a per-share basis, the Scottsdale, Arizona-based company said it had net income of 82 cents. Earnings, adjusted for non-recurring costs, were 86 cents per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.
The homebuilder posted revenue of $1.12 billion in the period, which also did not meet Street forecasts. Nine analysts surveyed by Zacks expected $1.21 billion.
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