Stripnomics

Beazer Homes trades at $1.50.  Today it announced earnings. According to the AP:

Analysts polled by Thomson Reuters predict a loss of $2.10 cents a share on revenue of $593.4 million for the quarter.

Here is a portion of the actual press release:

Reported net loss from continuing operations of $(475.2) million, or $(12.32) per share, including non-cash pre-tax charges related to inventory impairments and abandonment of land option contracts of $58.8 million, impairments in joint ventures of $6.0 million and a non-cash deferred tax valuation allowance under SFAS 109 of $398.6 million. For the fourth quarter of the prior fiscal year, the Company reported a net loss from continuing operations of $(152.0) million, or $(3.95) per share.

I’d say the analysts were a skosh off-the-mark. I’m sure someone will point out that this was a non-cash, one-time only charge. Unfortunately, one-time charges hurt a lot when it’s one of your last ones in business.

This entry was posted on Tuesday, December 2nd, 2008 at 4:53 am and is filed under Economics, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.