Headline: Tri Pointe Homes Surpasses Q3 Earnings Expectations, Yet Stock Falls

NEW YORK - Tri Pointe Homes Inc (NYSE:TPH) reported third-quarter earnings on Thursday, surpassing analyst expectations, but its shares fell 1.2% in early trading. The homebuilder announced adjusted earnings per share of $1.18, exceeding the consensus estimate of $1.07. Revenue increased by 35% year-over-year to $1.13 billion, surpassing forecasts of $1.05 billion.

In the third quarter, new home deliveries rose 32% to 1,619 homes, while the average sales price increased 2% to $688,000. The gross margin from homebuilding rose by 100 basis points to 23.3%.

CEO Doug Bauer stated, "Tri Pointe Homes once again achieved excellent financial results in the third quarter." He noted that improvements in both volume and pricing were "well-balanced across our markets."

The company ended the quarter with a backlog of 2,325 homes valued at $1.73 billion, compared to 3,055 homes valued at $2.12 billion in the same period last year.

Tri Pointe expects to deliver between 1,600 and 1,800 homes in the fourth quarter at an average sales price between $700,000 and $710,000. For the full year, the company anticipates delivering between 6,300 and 6,500 homes at an average price of $680,000.