Meritage Homes Corporation (NYSE: MTH) saw its shares surge 5.3% in after-hours trading on Wednesday, following the release of the company's impressive fourth-quarter 2024 earnings results. The homebuilder reported earnings per share of $4.72, significantly outpacing analysts' consensus estimate of $2.54 by a staggering 85.83%.

The stellar earnings performance marked a 75.46% increase from the same period a year ago, when Meritage Homes reported earnings of $2.69 per share. The company's quarterly sales also exceeded expectations, reaching $1.59 billion and surpassing the analyst consensus estimate of $1.58 billion by 1.10%. However, sales were down 2.86% compared to $1.64 billion in the fourth quarter of 2023.

Investors reacted positively to the homebuilder's strong results, propelling Meritage Homes' stock higher in the after-hours trading session. The solid earnings report suggests that the company's strategies and operations remain robust, fueling optimism about its future prospects in the ever-competitive housing market.