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Jun 30, 2024
LGI Homes Q2 2024 Earnings Report
LGI Homes reported solid results, driven by community growth and outstanding profitability metrics.
Key Takeaways
LGI Homes announced strong second-quarter results with home sales revenues of $602.5 million, 1,655 home closings, and an average sales price of $364,047. The company's profitability metrics exceeded guidance, with a gross margin of 25.0% and adjusted gross margin of 27.0%.
Home sales revenues reached $602.5 million.
Closed 1,655 homes with an average sales price of $364,047.
Gross margin was 25.0%, and adjusted gross margin was 27.0%.
Diluted earnings per share increased by 10.2% to $2.48.
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
LGI Homes updated its full-year 2024 guidance, now expecting to close between 6,400 and 7,200 homes at an average selling price of $360,000 to $370,000. The company also increased its gross margin guidance range to between 23.5% and 24.5% and adjusted gross margin to between 25.5% and 26.5%.
Positive Outlook
- Expects to close between 6,400 and 7,200 homes in 2024.
- Anticipates average sales price per home closed between $360,000 and $370,000.
- Gross margin expected to be between 23.5% and 24.5%.
- Adjusted gross margin projected between 25.5% and 26.5%.
- Targeting approximately 150 active selling communities by the end of 2024.
Challenges Ahead
- Guidance assumes general economic conditions, including input costs, remain similar to those experienced to date in 2024.
- Guidance assumes construction costs and land availability remain consistent with recent experience.
- Guidance assumes governmental regulations relating to land development and home construction are similar to those currently in place.
- Forward-looking statements are subject to risks, uncertainties, and assumptions.
- Actual results could differ materially from those expressed in forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income