LGI Homes Q4 2021 Earnings Report
Key Takeaways
LGI Homes reported a decrease in net income by 18.4% to $111.3 million and a decrease in home sales revenues by 10.7% to $801.1 million for Q4 2021. However, the average sales price increased by 20.4% to $317,132.
Net income decreased 18.4% to $111.3 million, or $4.61 basic EPS and $4.53 diluted EPS.
Home sales revenues decreased 10.7% to $801.1 million.
Home closings decreased 25.9% to 2,526 homes.
Average sales price increased 20.4% to $317,132.
LGI Homes
LGI Homes
Forward Guidance
The Company is providing the following guidance for the full year 2022. The Company believes: •Home closings will be between 9,000 and 10,000 •Active selling communities at the end of 2022 will be between 110 and 120 •Average sales price per home closed will be between $315,000 and $330,000 •Gross margin as a percentage of home sales revenues will be between 26.5% and 28.5% •Adjusted gross margin (non-GAAP) as a percentage of home sales revenues will be between 28.0% and 30.0% 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 will be between 9.0% and 10.0% •Effective tax rate will be between 23.5% and 24.5%