WY TRI Pointe Homes beats top, bottom line and raises guidance. (TRI will be merging with Weyerhaeuser ( WY ) in the first half of 2014).
Weyerhaeuser also beat top, bottom line in its late October Earnings Report.
WY PPS found support last few days at RSI 40 and MACD centerline, printing reversing hammer candlestick at price support and rising 50 SMA.
http://stockcharts.com/h-sc/ui?s=WY
TRI Pointe Homes, Inc. Reports 2013 Third Quarter Results
BY Business Wire — 6:00 AM ET 11/13/2013
IRVINE, Calif.--(BUSINESS WIRE)-- TRI Pointe Homes, Inc. today announced record results for the third quarter ended September 30, 2013.
2013 Third Quarter Highlights and Comparisons to the 2012 Third Quarter
Net income was $4.7 million, or $0.15 per diluted share compared to a net loss of $(1.5) million, or $(0.10) per diluted share
New home orders increased to 135 compared to 74...
Cash, cash equivalents and marketable securities were $62.2 million compared to $19.8 million as of December 31, 2012
Ratio of debt to capital improved to 22.8% compared to 27.8% as of December 31, 2012
Douglas F. Bauer, Chief Executive Officer stated, “Our team continued to execute on our plan ......we are raising our full year 2013 guidance.”
“With our recent announcement of an agreement to acquire Weyerhaeuser Real Estate Company (“WRECO”), we have accelerated our long term plan to be a leading regional homebuilder in some of the nation’s fastest growing markets,” Mr. Bauer continued. The combination of WRECO’s’ local market knowledge and TRI Pointe’s strong and established history of success should result in a powerful and focused homebuilding company. This transformative transaction will enable us to broaden our geographic presence, expand our California land holdings, enhance our operating teams with deep talent at all levels of the organization, providing us with the ability to drive future earnings and growth. Furthermore, our market capitalization should expand in excess of $2.5 billion, providing additional liquidity and financial flexibility for the company and our stockholders.”
Third quarter 2013 operating results
Net income was $4.7 million, or $0.15 per diluted share in the third quarter of 2013, compared to a net loss of $(1.5) million, or $(0.10) per diluted share for the third quarter of 2012, primarily driven by a $11.9 million increase in homebuilding gross margin due to higher home sales revenue and increased homebuilding gross margin percentages, offset by an increase in SG&A expense of $3.6 million and an increase in our provision for income taxes of $1.8 million. Net income for the third quarter of 2013 was positively impacted by $906,000 in tax benefit recorded to the Company’s provision for income taxes related to the reversal of the valuation allowance on the Company’s deferred tax assets. The valuation allowance was reversed as a result of, among other things, the Company’s recent financial and operating results including three years of cumulative income, four consecutive quarters of profitability and strong growth in orders and backlog. Net income for the third quarter of 2013 impacted by $(490,000) related to costs associated with the WRECO transaction.
Home sales revenue increased $46.8 million to $56.8 million for the 2013 third quarter, as compared to $10.0 million for the same period in 2012, primarily attributable to a significant increase in new homes delivered to 91 and a growth in the Company's average sales price of homes delivered to $624,000.......
New home orders increased to 135 homes for the 2013 third quarter, the highest amount of quarterly orders since the Company began acquiring land in 2010......
The Company’s homebuilding gross margin percentage for the 2013 third quarter increased to 23.0% compared to 11.7% for the same period in 2012.....
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Weyerhaeuser (WY) beats estimates as homebuilding business improves
BY Reuters — 7:08 AM ET 10/25/2013
Oct 25 (Reuters) - Timber conglomerate Weyerhaeuser Co (WY)reported a better-than-expected quarterly profit as margins improved in its homebuilding business, which it is looking to sell.
The company is in advanced talks to sell its homebuilding and real estate development unit for $2.7 billion to Tri Pointe Homes Inc, Reuters reported earlier this week, quoting sources familiar with the matter.
Weyerhaeuser, which said in June it was reviewing strategic options for the unit, said on Friday it expects "significantly" higher earnings from single-family homebuilding this quarter.
Closings for single-family homes are expected to increase to over 1,100 in the fourth quarter from 768 in the third quarter, the company said on Friday.
Weyerhaeuser said it expects higher average closing prices and selling-related costs at the business due to the additional closing volumes.
The business accounted for a fifth of the company's net profit in the third quarter.
The homebuilding industry in the United States is adjusting to a slowdown in new orders after seven consecutive quarters of strong demand as rising interest rates and economic uncertainty deter buyers.
The Dow Jones Home Construction index has lost a fifth of its value since May.
Weyerhaeuser's third-quarter net earnings rose to $157 million, or 27 cents per share, from $117 million, or 22 cents per share, a year earlier.
Net sales jumped 23 percent to $2.18 billion.
Analysts expected a profit of 21 cents per share on revenue of $2.09 billion, according to Thomson Reuters I/B/E/S.
PulteGroup Inc, the No. 2 U.S. homebuilder, reported higher third-quarter gross margins on Thursday, and said a slowdown in new home orders would be "short-lived" as Americans return to the market after a period of economic uncertainty. (Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)
Weyerhaeuser also beat top, bottom line in its late October Earnings Report.
WY PPS found support last few days at RSI 40 and MACD centerline, printing reversing hammer candlestick at price support and rising 50 SMA.
http://stockcharts.com/h-sc/ui?s=WY
TRI Pointe Homes, Inc. Reports 2013 Third Quarter Results
BY Business Wire — 6:00 AM ET 11/13/2013
IRVINE, Calif.--(BUSINESS WIRE)-- TRI Pointe Homes, Inc. today announced record results for the third quarter ended September 30, 2013.
2013 Third Quarter Highlights and Comparisons to the 2012 Third Quarter
Net income was $4.7 million, or $0.15 per diluted share compared to a net loss of $(1.5) million, or $(0.10) per diluted share
New home orders increased to 135 compared to 74...
Cash, cash equivalents and marketable securities were $62.2 million compared to $19.8 million as of December 31, 2012
Ratio of debt to capital improved to 22.8% compared to 27.8% as of December 31, 2012
Douglas F. Bauer, Chief Executive Officer stated, “Our team continued to execute on our plan ......we are raising our full year 2013 guidance.”
“With our recent announcement of an agreement to acquire Weyerhaeuser Real Estate Company (“WRECO”), we have accelerated our long term plan to be a leading regional homebuilder in some of the nation’s fastest growing markets,” Mr. Bauer continued. The combination of WRECO’s’ local market knowledge and TRI Pointe’s strong and established history of success should result in a powerful and focused homebuilding company. This transformative transaction will enable us to broaden our geographic presence, expand our California land holdings, enhance our operating teams with deep talent at all levels of the organization, providing us with the ability to drive future earnings and growth. Furthermore, our market capitalization should expand in excess of $2.5 billion, providing additional liquidity and financial flexibility for the company and our stockholders.”
Third quarter 2013 operating results
Net income was $4.7 million, or $0.15 per diluted share in the third quarter of 2013, compared to a net loss of $(1.5) million, or $(0.10) per diluted share for the third quarter of 2012, primarily driven by a $11.9 million increase in homebuilding gross margin due to higher home sales revenue and increased homebuilding gross margin percentages, offset by an increase in SG&A expense of $3.6 million and an increase in our provision for income taxes of $1.8 million. Net income for the third quarter of 2013 was positively impacted by $906,000 in tax benefit recorded to the Company’s provision for income taxes related to the reversal of the valuation allowance on the Company’s deferred tax assets. The valuation allowance was reversed as a result of, among other things, the Company’s recent financial and operating results including three years of cumulative income, four consecutive quarters of profitability and strong growth in orders and backlog. Net income for the third quarter of 2013 impacted by $(490,000) related to costs associated with the WRECO transaction.
Home sales revenue increased $46.8 million to $56.8 million for the 2013 third quarter, as compared to $10.0 million for the same period in 2012, primarily attributable to a significant increase in new homes delivered to 91 and a growth in the Company's average sales price of homes delivered to $624,000.......
New home orders increased to 135 homes for the 2013 third quarter, the highest amount of quarterly orders since the Company began acquiring land in 2010......
The Company’s homebuilding gross margin percentage for the 2013 third quarter increased to 23.0% compared to 11.7% for the same period in 2012.....
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Weyerhaeuser (WY) beats estimates as homebuilding business improves
BY Reuters — 7:08 AM ET 10/25/2013
Oct 25 (Reuters) - Timber conglomerate Weyerhaeuser Co (WY)reported a better-than-expected quarterly profit as margins improved in its homebuilding business, which it is looking to sell.
The company is in advanced talks to sell its homebuilding and real estate development unit for $2.7 billion to Tri Pointe Homes Inc, Reuters reported earlier this week, quoting sources familiar with the matter.
Weyerhaeuser, which said in June it was reviewing strategic options for the unit, said on Friday it expects "significantly" higher earnings from single-family homebuilding this quarter.
Closings for single-family homes are expected to increase to over 1,100 in the fourth quarter from 768 in the third quarter, the company said on Friday.
Weyerhaeuser said it expects higher average closing prices and selling-related costs at the business due to the additional closing volumes.
The business accounted for a fifth of the company's net profit in the third quarter.
The homebuilding industry in the United States is adjusting to a slowdown in new orders after seven consecutive quarters of strong demand as rising interest rates and economic uncertainty deter buyers.
The Dow Jones Home Construction index has lost a fifth of its value since May.
Weyerhaeuser's third-quarter net earnings rose to $157 million, or 27 cents per share, from $117 million, or 22 cents per share, a year earlier.
Net sales jumped 23 percent to $2.18 billion.
Analysts expected a profit of 21 cents per share on revenue of $2.09 billion, according to Thomson Reuters I/B/E/S.
PulteGroup Inc, the No. 2 U.S. homebuilder, reported higher third-quarter gross margins on Thursday, and said a slowdown in new home orders would be "short-lived" as Americans return to the market after a period of economic uncertainty. (Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)
