Meritage Homes (MTH) reported $1.61 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 2.2%. EPS of $5.98 for the same period compares to $7.10 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.55 billion, representing a surprise of +4.06%. The company delivered an EPS surprise of +17.25%, with the consensus EPS estimate being $5.10.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Meritage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Home Closing Revenue - Average sales price - Total: $443 versus the 10-analyst average estimate of $442.50.

• Order Backlog - Total: 3,608 versus the 10-analyst average estimate of 3,727.

• Homes closed - Total: 3,638 versus the 10-analyst average estimate of 3,495.

• Homes ordered - Total: 3,474 versus the 10-analyst average estimate of 3,458.

• Order Backlog - Average sales price - Total: $432 versus $448.82 estimated by nine analysts on average.

• Order Backlog Value - Total: $1.56 billion versus the eight-analyst average estimate of $1.67 billion.

• Active Communities - Ending - Total: 272 versus the seven-analyst average estimate of 287.

• Order Backlog - Central Region: 956 compared to the 919 average estimate based on four analysts.

• Revenue- Total closing revenue (Homebuilding): $1.61 billion versus $1.55 billion estimated by 11 analysts on average. Compared to the year-ago quarter, this number represents a +2.2% change.

• Revenue- Home closing: $1.61 billion compared to the $1.55 billion average estimate based on 11 analysts. The reported number represents a change of +2.6% year over year.

• Revenue- Financial Services: $6.11 million versus $6.44 million estimated by 10 analysts on average. Compared to the year-ago quarter, this number represents a -3.2% change.

• Revenue- Land closing: $2.78 million versus $8.73 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a -69% change.

View all Key Company Metrics for Meritage here>>>

Shares of Meritage have returned -7.2% over the past month versus the Zacks S&P 500 composite's -2.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.