SCOTTSDALE, Ariz. (AP) _ Meritage Homes Corp. (MTH) on Wednesday reported second-quarter earnings of $50.8 million.
The Scottsdale, Arizona-based company said it had profit of $1.31 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The homebuilder posted revenue of $864.6 million in the period. Its adjusted revenue was $863.1 million, also topping Street forecasts. Ten analysts surveyed by Zacks expected $805.5 million.
Meritage expects full-year earnings to be $5.20 to $5.50 per share, with revenue in the range of $3.4 billion to $3.6 billion.
Meritage shares have risen 48% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.38, an increase of 27% in the last 12 months.