us earns beazer homes 110909
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Beazer Homes posts profit in fiscal 4th quarter on debt-related gain
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NEW YORK - Beazer Homes USA says it posted a fourth-quarter profit despite a plunge in revenue, thanks to a large gain on the prepayment of debt.
The Atlanta homebuilder says that despite low interest rates and a federal tax credit for first-time buyers, factors such as high unemployment and rising foreclosures make it difficult to predict when the housing market will recover.
Net income for the period ended Sept. 30 totaled $33.8 million, or 84 cents per share. That compares with a loss of $473.9 million, or $12.29 per share, a year earlier.
Revenue fell 42 percent to $376.3 million.
Analysts expected a loss of $1.24 per share on revenue of $338.3 million.
New home orders rose 2.4 percent from a year earlier.
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