Shares of Beazer Homes (NYSE: BZH) fell 7.9% on Friday after the home construction company announced weaker-than-expected quarterly results.

For Beazer's fiscal first quarter ended Dec. 31, 2023, revenue declined 13.1% year over year to $386.8 million, translating to net income of just under $31 million, or $0.70 per share. Analysts, on average, were looking for earnings of $0.71 per share on revenue of $420.7 million.

Beazer Chairman and CEO Allan Merrill called the quarter "strong" despite "a backdrop of declining mortgage rates in late November and early December," adding that net new orders grew significantly on a year-over-year basis.

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Source Fool.com