Meritage nets $7 million in 1st 6 months

Meritage Homes Corp., Arizona's sole publicly traded homebuilder, continued to see profits in the second quarter, bringing its net income for the first half of the year to $7 million, compared with a loss of $92 million a year earlier. For the second quarter, the company reported net income of $4.2 million, or 13 cents a share, compared with a loss of $73.6 million, or $2.37 a share, in the same quarter of 2009. That was the second consecutive profitable quarter and follows three years of unprofitable quarters. The net income was slightly ahead of the average 12-cent estimate from analysts polled by Thomson Financial Network.

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