SCOTTSDALE, Ariz. (AP) _ Meritage Homes Corp. (MTH) on Wednesday reported second-quarter net income of $90.7 million.
The Scottsdale, Arizona-based company said it had net income of $2.38 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.
The homebuilder posted revenue of $1.03 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $891 million.
Meritage shares have climbed 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $89.35, a rise of 65% in the last 12 months.