Meritage Homes set its 18th consecutive year of record revenue in 2005, hitting $3 billion in revenue for the first time in the company’s history.
The Scottsdale-based residential homebuilder said it closed 9,406 homes with aggregate value of about $3 billion, a 49 percent revenue growth compared with 7,254 homes closed with a total value of $2 billion in 2004. Year-end backlog of homes to be delivered were $2.2 billion, a 65 percent increase from the $1.3 billion the year before.
For the fourth quarter 2005, Meritage closed 3,214 homes with a total value of $1 billion, an increase of 34 percent. The number of homes ordered in the fourth quarter 2005 increased 8 percent to $723 million.
Meritage updated its expectations for 2005 diluted earnings per share of $8.25 to $8.50, a 64 percent to 69 percent increase over 2004’s earnings per share.