ATLANTA (AP) -- Rising construction and land costs caused Beazer Homes to report a wider loss in its latest quarter than a year ago. But its revenue rose as it sold more of its new homes and condos.
The Atlanta homebuilder's stock soared Thursday.
Beazer, which typically sells homes to young families and first-time homebuyers, has found a growing business in selling condos and smaller homes to baby boomers. It is also building more condo communities for older folks, and recently broke ground on its first one in Orlando, Florida.
Overall, Beazer said it closed on 1,239 homes in the quarter, up nearly 8 percent from a year ago. And the average price of its sold homes rose 4 percent to $340,500.
It reported a net loss of $7.5 million, or 23 cents per share, in its fiscal second quarter that ended March 31. A year ago, it reported a net loss of $1.23 billion, or 4 cents per share.
Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 8 cents per share.
Revenue rose 10 percent to $425.5 million in the period.
Shares of Beazer Homes USA Inc. rose $1.24, or 10.3 percent, to $13.26 in afternoon trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BZH at https://www.zacks.com/ap/BZH
Keywords: Beazer Homes, Earnings Report