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Mar 31, 2024
LGI Homes Q1 2024 Earnings Report
LGI Homes reported results for Q1 2024, showing decreased home sales revenues and closings but improved gross margins and a record number of active communities.
Key Takeaways
LGI Homes reported a decrease in home sales revenues to $390.9 million and 1,083 home closings for Q1 2024. However, the company saw an increase in gross margin to 23.4% and adjusted gross margin to 25.3%. They also achieved a record 120 active selling communities by the end of the quarter.
Home sales revenues reached $390.9 million.
Closed 1,083 homes with an average sales price of $360,897.
Gross margin was 23.4%, with an adjusted gross margin of 25.3%.
Ended the quarter with 120 active selling communities.
Revenue by Geographic Location
Forward Guidance
The Company is maintaining its prior guidance for the full year 2024.
Positive Outlook
- Home closings between 7,000 and 8,000
- Active selling communities at the end of 2024 of approximately 150
- Average sales price per home closed between $350,000 and $360,000
- Gross margin as a percentage of home sales revenues between 23.1% and 24.1%
- Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between 25.0% and 26.0% with capitalized interest accounting for substantially all of the difference between gross margin and adjusted gross margin
Challenges Ahead
- General economic conditions, including input costs, materials, product and labor availability, interest rates and mortgage availability, in the remainder of 2024 are similar to those experienced to date in 2024
- Construction costs in the remainder of 2024 are consistent with the Company’s recent experience.
- Availability of land in the remainder of 2024 are consistent with the Company’s recent experience.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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