LGIH - LGI Homes reports a dip in Q4 earnings revenue backlog

LGI Homes (LGIH +5.0%) reported a drop of 18.4% in net income to $111.3M or $4.61 basic EPS and $4.53 diluted EPS; net income before taxes narrowed 13.9% to $143.4M. Home sales revenues decreased 10.7% to $801.1M while home closed decreased 25.9% to 2,526 homes; average sales price increased 20.4%. As of Dec.31, 2021, owned lots increased to 54,867 and controlled lots increased to 36,978 for total owned and controlled lots of 91,845; active selling communities decreased 12.9% to 101. As of Dec.31, 2021, ending backlog stood at 2,055 homes (-30.7%) while ending backlog value stood at $659.2M (-15%). Total liquidity of $371.8M at Dec. 31, 2021, including cash and equivalents of $50.5M and $321.3M of availability under the company's revolving credit facility. The company expanded its stock repurchase program by $200M. Outlook: For FY22, the company sees home closings to be between 9K and 10K; active selling communities ranging between 110 and

For further details see:

LGI Homes reports a dip in Q4 earnings, revenue, backlog