LGIH - LGI Homes GAAP EPS of $1.14 misses by $0.11 revenue of $487.3M beats by $19.76M

2023-05-02 07:07:49 ET

• LGI Homes press release ( NASDAQ: LGIH ): Q1 GAAP EPS of $1.14 misses by $0.11 .
• Revenue of $487.3M (-10.8% Y/Y) beats by $19.76M .
• Home Closings of 1,366 homes
• Average Sales Price Per Home Closed increased 4.5% from the first quarter of 2022 to $356,777
• Total Owned and Controlled lots of 69,724
• Net Orders increased 12.5% from the first quarter of 2022 to 2,219
• Ending Backlog of 1,555 homes valued at $561.4 million

• Full Year 2023 Outlook

  Subject to the caveats in the Forward-Looking Statements section of this press release, the Company is providing the following updates to its guidance for the full year 2023. The Company now expects:

  • Home closings between 6,300 and 7,100
  • Active selling communities at the end of 2023 between 115 and 125
  • Average sales price per home closed between $345,000 and $360,000
  • Gross margin as a percentage of home sales revenues between 21.0% and 23.0%
  • Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between 22.5% and 24.5% with capitalized interest accounting for substantially all the difference between gross margin and adjusted gross margin
  • SG&A as a percentage of home sales revenues between 12.5% and 13.5%
  • Effective tax rate between 23.5% and 24.5%

For further details see: