Meritage Homes will take charges in Q2
Meritage Homes has warned of several second-quarter charges relating to land option write-offs, which are expected to total in the $75 million to $80 million range. Company operations specifically in the Ft. Myers and Naples, Fla. areas continue to be “significantly challenged,” and the company expects to take $28 million in additional charges related to those areas.
The company will report full second-quarter earnings on July 26. Preliminary results show net revenue fell 37 percent to $569 million. Additionally, home orders declined 28 percent compared with last year’s second quarter.
“As reported by other home builders, the housing market in general continues to be very challenging,” said Steven Hilton, Meritage chairman and CEO. “Weak demand and high inventory levels have increased competition among home builders, pressuring margins despite reductions in new home starts, lot supplies and operating costs.”
Meritage Homes builds single-family houses in Texas, Arizona, Colorado, Nevada, California and Florida.
Lowe’s undertakes campaign to aid flood victims
Lowe’s has announced all of its stores in Texas, Oklahoma and Kansas will be set up to receive cash donations on-site following serious floods in parts of those states. Funds will benefit the American Red Cross.
Lowe’s Charitable and Educational Foundation will match donations from customers, up to $50,000.
Rains have caused serious damage in river communities in those southern states. Earlier, a state of emergency was declared in Oklahoma, while more than a thousand homes reportedly have been destroyed by floods in Texas, and thousands of residents have been displaced in all three states.
Lowe’s Charitable and Educational Foundation, the philanthropic arm of the nation’s second largest home channel retailer, aids a variety of organizations, including Habitat for Humanity, local education systems and others.
Miron Building Supply acquires Catskill dealer
Miron Building Supply, an LBM dealer based in Brooklyn, N.Y., has purchased Bogner-Seitel Lumber for an undisclosed price. The deal was effective July 2.
Headquartered in Monticello, N.Y., Bogner-Seitel Lumber is situated in the heart of the Catskills and serves contractors, camps, hotels and commercial operations in New York, New Jersey and Pennsylvania.
In addition to its Brooklyn store, Miron Building Supplies has locations in Gardiner and Ridgewood, N.Y.