Beazer Homes Swings To 1Q Profit On Tax Benefit |
| Wall Street Journal - Feb 5, 2010 |
Builder Beazer Homes USA Inc. (BZH) swung to a fiscal first-quarter profit as the company was helped by a tax benefit and revenue eked upward as the cancellation rate dropped.
Shares rose in early trading, recently up 2.9% at $4.23.
Several home builders of late have returned to profitability on the back of tax benefits. But it is too early to call a bottom to the worst downturn in generations because signals about the housing market have been mixed in recent months.
"While it is premature to signal the beginning of a sustainable recovery in the housing market, we are seeing indications that historically high levels of home affordability, home price stability, low mortgage interest rates and home buyer tax credits may be beginning to balance out prospective home buyers' concerns about falling home prices, foreclosures, and risk of job loss in most of our markets," Chief Executive Ian McCarthy said in the earnings release.
Read Full Article from Wall Street Journal
- Posted: 2010-02-05 10:08:17
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