LGIH - LGI Homes boosts guidance for 2020 home closings after record Q3

LGI Homes (LGIH) boosts its 2020 guidance for home closings to 8,400-9,000 from its previous range of 8,000-8,800.Still sees gross margin as a percentage of  home sales revenue at 24.0%-25.0%  and adjusted gross margin at 26.0%-27.0%.Sees average sales price per home closed at $245K-$255K, same as its previous guidance."Net orders in July, August and September set all-time company records and collectively were up 78% over last year," said Chairman and CEO Eric Lipar. "As a result, we ended the quarter with a record 3,580 homes in backlog, a year-over-year increase of 119%."LGIH stock rises 0.9% in premarket trading.Q3 adjusted EPS of $2.45 beats the average analyst estimate of $2.16 and up from $1.93 in the year-ago quarter.Q3 home sales revenue of $534.2M rose 11% Y/Y as the number of home closings and the average sales price per home both climbed.Q3 home closings of 2,091, up 4.4% from 2,003 a year earlier; average

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LGI Homes boosts guidance for 2020 home closings after record Q3