NEW YORK (Reuters) - U.S. home builder Meritage Homes Corp (MTH.N: Quote, Profile, Research) on Thursday reported preliminary first-quarter revenue that beat analysts' estimates, boosting its stock by as much as 11.5 percent.

The company estimated first-quarter net sales of $420 million on 1,630 homes ordered, and closing revenue of $370 million on 1,320 homes after a cancellation rate of 27 percent.

In the 2007 first quarter, Meritage had closing revenue of $576 million on 1,796 homes and $641 million in net sales on 2,073 homes ordered. The cancellation rate was also 27 percent.

Analysts had predicted first-quarter revenue of $331 million, according to Reuters Estimates.

In a statement, Meritage also forecast ending the first quarter with a backlog of $720 million compared with $1.3 billion a year ago.

Meritage said it would record about $60 million to $65 million in charges related to real estate valuation adjustments and write-offs.

"Considering the level of impairments we've recorded to date, and our much lower inventory levels, we expect our total real estate impairments for the year will be significantly lower than last year's," Chief Executive Steven Hilton said in the statement.

Meritage also said it expected to report continued compliance with its debt covenants at the end of the quarter.

Meritage Homes' shares rose as high as $24.49, before trading up $1.04, or 4.7 percent, at $23 on the New York Stock Exchange shortly before the close.

(Reporting by Helen Chernikoff, editing by Gerald E. McCormick, Richard Chang)