Meritage profit foils analysts' estimates

Meritage Homes Corp. ended the year on a positive note, posting a $43.3 million profit, or $1.35 per share, for the fourth quarter, while taking a $66.5 million loss for the year. Analysts had projected a loss for the quarter. The quarterly tally included a $39 million pre-tax real estate-related charge and a tax benefit of $90 million. The Scottsdale-based builder (NYSE:MTH) reported revenue of $280 million for the quarter compared with $387 million for fourth-quarter 2008 and year-end revenue of $963 million, down from $1.5 billion.

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