Beazer Homes USA Inc. said: Late Thursday, a cybersecurity “incident” delayed the closing of some of its new homes at the end of last year.
Beazer Homes BZH shares,
It fell more than 4% in the extended session Thursday after the construction company reported fiscal first-quarter revenue of $387 million, compared with revenue of $445 million in the same quarter last year.
Analysts surveyed by FactSet expected revenue of $421 million for the period. The decline in total revenue included a 14% year-over-year decline in home construction revenue.
Beazer earned $21.7 million, or 70 cents per share, in the quarter, compared with $24.3 million, or 80 cents per share, in the fiscal first quarter of 2023. The FactSet consensus called for EPS of 71 cents per share for the quarter.
Net new orders rose “significantly” compared to the previous year, Beiser said. “With a significant backlog, improved cycle times and growing community numbers, we are on track to achieve our growth and profitability goals for the fiscal year,” the company said.
The company did not provide details about the cybersecurity issue except to say that it occurred at the end of December and affected a title insurance provider.
“Although late closings resulted in a slight decline in revenue and profits in the quarter, I am pleased to report that all of these late closings were completed during the first two weeks of January and that the title insurance provider has returned to normal operations.” CEO Alan B. Merrill said in a statement.
Shares of Beazer Homes are up 95% in the past 12 months, compared with a roughly 20% advance for the S&P 500 SPX..
