Meritage Homes (NYSE: MTH) reported earnings on April 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Meritage Homes beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased significantly. Non-GAAP earnings per share grew. GAAP earnings per share increased.

Margins increased across the board.

Revenue details
Meritage Homes tallied revenue of $336.4 million. The 12 analysts polled by S&P Capital IQ expected revenue of $325.3 million on the same basis. GAAP reported sales were 65% higher than the prior-year quarter's $204.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.33. The 11 earnings estimates compiled by S&P Capital IQ averaged $0.25 per share. Non-GAAP EPS were $0.33 for Q1 versus -$0.14 per share for the prior-year quarter. GAAP EPS were $0.32 for Q1 versus -$0.15 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 19.2%, 180 basis points better than the prior-year quarter. Operating margin was 5.7%, 480 basis points better than the prior-year quarter. Net margin was 3.6%, 590 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $402.7 million. On the bottom line, the average EPS estimate is $0.41.

Next year's average estimate for revenue is $1.73 billion. The average EPS estimate is $1.99.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Meritage Homes is hold, with an average price target of $44.00.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool recommends Meritage Homes. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.