SCOTTSDALE, Ariz. (AP) _ Meritage Homes Corp. (MTH) on Tuesday reported third-quarter net income of $69.8 million.
The Scottsdale, Arizona-based company said it had profit of $1.79 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The homebuilder posted revenue of $940.9 million in the period. Its adjusted revenue was $939.2 million, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $917.8 million.
Meritage shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $75.04, more than doubling in the last 12 months.