Beazer Homes USA, Inc. lowered its financial guidance for new home orders for the current fiscal year due to lower than expected demand by customers in the wake of the weak economy.
The management of Beazer Homes USA, Inc. had previously indicated that new home orders in fiscal 2010 would exceed the level of new home orders in fiscal 2009, when the company sold 4,205 homes.
Beazer Homes USA, Inc. reported that through 6/30/2010, the company had received orders for 3,438 new homes, and expects to receive orders for between 700 and 800 new homes in the final quarter of the fiscal year (ending 9/30/2010). The company would need to receive orders for 767 new homes during the final quarter to exceed fiscal 2009 total orders.
Beazer Homes USA, Inc. also reduced the company’s estimates on the amount of land and land development spending for fiscal 2010. The company now expects to spend less than $200 million in this area for the fiscal year, compared to the previous estimate of land and land development spending of between $200 and $220 million.
Beazer Homes USA, Inc. attributed the reduction in new home orders to the weak economy and lower demand after the expiration of the Homebuyer Tax Credit provided by the federal government.
For more information on the company, go to www.beazer.com
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