TRI Pointe reports Q3 EPS 71c, consensus 52c

Reports Q3 revenue $836.87M, consensus $782.22M. “Tri Pointe (TPH) once again exceeded the high end of our delivery range, closing 1,217 homes at an average sales price of $672,000, and generating $817.3 million in home sales revenue for the third quarter,” said Doug Bauer, Tri Pointe Homes Chief Executive Officer. “Our team delivered these results through disciplined execution and focus amid continued softness in housing demand. We maintained a tight focus on cost control, managed our starts and land pipeline prudently, and deployed targeted incentives to support conversion. Our adjusted homebuilding gross margin of 21.6%*, adjusted net income of $62.2 million*, and adjusted diluted earnings per share of $0.71*, in each case adjusted only to exclude inventory related charges of $8.3 million, demonstrate the strength and adaptability of our business model, enabling us to deliver solid results even amid a soft housing market.”