SCOTTSDALE, Ariz. (AP) _ Meritage Homes Corp. (MTH) on Tuesday reported first-quarter profit of $25.4 million.
On a per-share basis, the Scottsdale, Arizona-based company said it had profit of 65 cents.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The homebuilder posted revenue of $708.1 million in the period. Its adjusted revenue was $698.7 million, which also beat Street forecasts. Twelve analysts surveyed by Zacks expected $637.4 million.
Meritage shares have climbed 35 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $49.74, an increase of 16 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MTH at https://www.zacks.com/ap/MTH