Why Meritage Homes Stock Surged 22% in July

Shares of Meritage Homes (NYSE: MTH) popped more than 20% last month, according to data provided by S&P Global Market Intelligence, after the homebuilding company delivered strong second-quarter results.

Meritage reported home closing revenue of $863 million. Its earnings per share, meanwhile, checked in at $1.31. Both of these figures were significantly above analysts' estimates for revenue and EPS of $805 million and $1.03, respectively.

Meritage closed on 2,253 homes in the second quarter, up 5% from the year-ago period. Better still, orders for new homes jumped 22% year over year to 2,735, showing that Meritage is enjoying robust demand for its homebuilding services.

Source Fool.com