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:
LGI Homes GAAP EPS of $1.14 misses by $0.11, revenue of $487.3M beats by $19.76M