Q2 2026 Beazer Homes USA Inc Earnings Call Transcript
Key Points
- Beazer Homes USA Inc (BZH) achieved a sales pace of over two per community per month, which was a significant improvement.
- The company increased its liquidity by upsizing its revolver and buying back more than 1 million shares at about 60% of book value.
- The shift towards more to-be-built sales, which reached 43% of gross sales, supports margin expansion opportunities.
- Average sales prices (ASP) continue to rise, with an ASP in backlog over $580,000, indicating a positive trend.
- The company has a strong balance sheet with approximately $400 million of total liquidity and no debt maturities until October 2027.
- Higher mortgage rates and surging energy costs have contributed to a drop in consumer sentiment, impacting sales pace.
- The company has become more cautious about achieving full-year EBITDA growth due to macroeconomic headwinds.
- Sales pace in March and April did not see the usual seasonal increase, leading to a more cautious outlook.
- The cost of mortgage rate buy-downs has increased, posing a headwind to margin improvements.
- The company is not providing full-year EBITDA guidance due to uncertainties in the sales environment.
Good afternoon, and welcome to the Beazer Homes earnings conference call for the second quarter ended March 31, 2026. Today's call is being recorded, and a replay will be available on the company's website later today.
In addition, PowerPoint slides intended to accompany this call are available in the Investor Relations section of the company's website at www.beazer.com.
At this point, I will turn the call over to David Goldberg, Senior Vice President and Chief Financial Officer.
Thank you. Good afternoon, and welcome to the Beazer Homes conference call discussing our results for the second quarter of fiscal 2016.
Joining me today is Allan Merrill, our Chairman and Chief Executive Officer. After our prepared commentary, we will open up the line, and Allan and I will be happy to take your questions.
Before we begin, you should be aware that during this call, we
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