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Mar 31, 2020
LGI Homes Q1 2020 Earnings Report
LGI Homes reported record first quarter results driven by strong demand and increased home closings.
Key Takeaways
LGI Homes reported a strong first quarter with a 133.7% increase in net income to $42.8 million and a 58.1% increase in home sales revenues to $454.7 million. Home closings increased by 49.4% to 1,835 homes, and the average home sales price rose by 5.8% to $247,808.
Net income increased by 133.7% to $42.8 million, or $1.69 basic EPS and $1.67 diluted EPS.
Home sales revenues increased by 58.1% to $454.7 million.
Home closings increased by 49.4% to 1,835 homes.
The average home sales price increased by 5.8% to $247,808.
LGI Homes
LGI Homes
LGI Homes Revenue by Geographic Location
Revenue by Geographic Location
Central Revenue
CapyFin.comSoutheast Revenue
CapyFin.comNorthwest Revenue
CapyFin.comWest Revenue
CapyFin.comFlorida Revenue
CapyFin.com Forward Guidance
Due to the uncertainty regarding the effects of the COVID-19 pandemic on both the U.S. economy and the Company’s business operations and financial performance, the Company has withdrawn its previously issued guidance for 2020.
Positive Outlook
- Business was stronger in April than originally expected.
- Positive momentum in recent sales trends suggests the impact from the COVID-19 pandemic may be less severe than originally expected.
- Building, selling and closing homes across the nation every day.
- Customers are expressing a greater desire to move out of densely populated living situations and into homes that offer more space and privacy.
- Outlook for the coming months is tempered, but positive.
Challenges Ahead
- Efforts to control the spread of COVID-19 resulted in a global economic slowdown.
- Combined impacts of social distancing, stay-at-home orders and other COVID-19 related dynamics in our markets slowed our pace of sales.
- Ongoing uncertainty in the US economy and the effects of COVID-19.
- Longer-term economic impacts to our business are impossible to predict at this time.
- Withdrew previously released 2020 guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income