Beazer Homes USA Inc. recently experienced a cybersecurity incident that resulted in delayed closings of some of its new homes at the end of last year. As a result, Beazer Homes' stock (BZH) fell over 4% in the extended session on Thursday.
In terms of fiscal first-quarter revenue, the company reported $387 million, a decrease from $445 million in the same quarter last year. This decline in revenue included a 14% year-over-year decrease in homebuilding revenue. Analysts had predicted revenue of $421 million for this period.
Despite the revenue decrease, Beazer Homes earned $21.7 million, or 70 cents a share, in the quarter, compared to $24.3 million, or 80 cents a share, in the fiscal first quarter of 2023. The FactSet consensus had forecasted earnings per share of 71 cents for the quarter.
Regarding the cybersecurity incident, Beazer Homes did not disclose specific details, but stated that it occurred in late December and affected one of its title-insurer providers. However, the company assured that all delayed closings were completed during the first two weeks of January and that the title-insurance provider has resumed normal operations.
Looking ahead, Beazer Homes remains optimistic about its prospects. The company mentioned significant growth in net new orders compared to the previous year and expressed confidence in meeting its growth and profitability goals for the fiscal year.
Despite the cybersecurity setback, Beazer Homes' stock has seen an impressive 95% increase over the past 12 months, surpassing the S&P 500 index's modest 20% advance.