Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Tri Pointe Homes, Inc. (NYSE: TPH) reported upbeat earnings for its fourth quarter on Tuesday.
Tri Pointe Homes posted quarterly earnings of $1.36 per share, versus market estimates of $1.18 per share. The company’s quarterly sales came in at $1.24 billion compared to expectations of $1.19 billion.
“2023 proved to be another strong year for Tri Pointe Homes, capped off by a successful fourth quarter, during which we reported home sales revenue of $1.2 billion, homebuilding gross margin percentage of 22.9%, and diluted earnings per share of $1.36,” said Doug Bauer, Tri Pointe Homes Chief Executive Officer. “The strong finish to the year was accompanied by a 143% increase in net new home orders for the quarter, which led to a 40% increase for the full year. We ended the year with 155 active selling communities, which was a 14% increase over the prior year. Based on our strong land pipeline with approximately 32,000 owned or controlled lots, we expect to grow our community count by another 10% by the end of 2025.”
Tri Pointe Homes shares gained 1.6% to trade at $35.34 on Wednesday.
These analysts made changes to their price targets on Tri Pointe Homes after the company reported quarterly results.
- Wedbush raised the price target on Tri Pointe Homes from $32 to $35. Wedbush analyst Jay McCanless maintained a Neutral rating.
- RBC Capital boosted the price target on Tri Pointe Homes from $35 to $38. RBC Capital analyst Mike Dahl maintained a Sector Perform rating.
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Latest Ratings for TPH
| Oct 2021 | RBC Capital | Upgrades | Underperform | Sector Perform |
| Jul 2021 | Zelman | Upgrades | Sell | Hold |
| Jul 2021 | RBC Capital | Downgrades | Sector Perform | Underperform |
View the Latest Analyst Ratings
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