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Beazer Homes USA Inc. posted a wider quarterly loss yesterday, further damaging ties with its lenders, restricting its financial flexibility and sending its shares lower. The loss caused the home builder's tangible net worth to fall below $350-million (U.S.). This in turn caused lenders to slash the amount of money potentially available for borrowing to $250-million from $400-million, said analyst Vicki Bryan of corporate bond research firm Gimme Credit. However, the company's borrowing base is so depleted that it does not have access to borrow under that facility and in fact has no borrowing capacity at all, she added. Beazer's loss widened to $473.9-million, or $12.29 a share, in the fourth quarter ended Sept. 30 from $155.2-million, or $4.03, a year earlier. The loss from continuing operations was $12.32 a share. Quarterly revenue fell to $712.6-million from $1.09-billion. BZH (NYSE) fell 12 cents to $1.38.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 23/04/24 3:55pm EDT.

SymbolName% changeLast
BZH-N
Beazer Homes USA
+4.7%27.84

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