M.D.C. Holdings: Awaiting Q3 Results To Validate If Earnings Normalization Phase Has Started [Seeking Alpha]
M.D.C. Holdings, Inc. (MDC)
Last m.d.c. holdings, inc. earnings: 1/30 06:00 am
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US:NYSE Investor Relations:
ir.richmondamerican.com/investor-relations
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Source: Seeking Alpha
2Q23 earnings exceeded expectations, with a 54% growth in orders and improved pricing trends. It is important to remember that further increases in mortgage rates will certainly impact the earnings trajectory of the business. Investment action I recommended a hold rating for M.D.C. Holdings ( NYSE: MDC ) when I wrote about it the last time, as I thought it was better to wait for a few more quarters to observe if the change in demand trend is sustainable. In hindsight, that recommendation did not play out well, as the stock went ahead and rallied another 22% before losing steam after the 2Q23 earnings. Based on my current outlook and analysis of MDC, I continue to recommend a hold rating. I still think it is better to wait for one more quarter of data to validate that the three key metrics - order, pricing, and gross margin - are moving as expected. This would signify to the market that earnings are indeed undergoing the normalization phase. Review To provide a swift overvie
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