Meritage Homes raises FY24 EPS view to $19.80-$21.00 from $19.20-$20.70

Consensus $20.21. Raises FY24 revenue view to $6.1B-$6.3B from $6B-$6.2B, consensus $6.19B. Sees FY24 tax rate 22.5%. “Managing our capital with a focus toward long-term shareholder value, in the second quarter of 2024, we accelerated growth in the business by spending $631 million on land acquisition and development and putting over 8,700 net new lots under control, as well as returned $27.2 million back to shareholders in the form of cash dividends,” continued Lord. “This quarter, we enhanced our debt structure by issuing $575.0 million of new convertible debt, extending our existing revolving credit facility and redeeming the remaining $250.0 million of the senior notes due 2025. We ended the quarter with cash of $992.9 million and a net debt-to-capital ratio of 6.2%.”