PORTLAND, OR , Feb. 5, 2014 (RISI) -
Meritage Homes reported net earnings of $46.1 million, or $1.19 per diluted share, for the fourth quarter of last year, down from net earnings of $95.1 million, $2.49 per diluted share, in the same quarter in 2012. Net income of $124.5 million was reported compared to 2012's net income of $105.2 million.
Fourth-quarter home closing revenue increased 47% due to an 18% increase in home closings combined with a 24% increase in average price over the prior year period. The total value of homes ordered increased 17%, primarily due to a 13% increase in average selling price combined with a 3% increase in order volume.
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