Industry News

Beazer posts $123 million in losses as backlog persists

Home closings down 36% from a year ago

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Beazer Homes USA Inc. posted quarterly losses of $123 million as the builder wrote down the value of unsold homes, abandoned land option contracts and totaled up goodwill impairments. Pretax charges on inventory impairments totaled $113.9 million, the company said, and charges related to abandoned land options were $44.8 million. Goodwill impairment on operations in Northern California, Nevada and Florida totaled $29.8 million, the builder said in a Securities and Exchange Commission filing. The company's backlog of unsold homes at the end of June stood at 5,952, which the company valued at $1.69 billion, compared with 9,449 homes with a sales value of $2.85 billion at the same time last year. The inventory of unsold homes was up slightly from the previous quarter, when it stood at 5,563 homes valued at $1.67 billion. Beazer is "intensely focused on enhancing our sales and marketing efforts, including the use of integrated, national promotion efforts to reduce unsold home inventories...