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Mar 31, 2021
Landsea Homes Q1 2021 Earnings Report
Reported financial results, experiencing revenue growth and increased home deliveries, while backlog expanded.
Key Takeaways
Landsea Homes reported an 18% increase in total revenue to $160.4 million and an 11% increase in total homes delivered to 301 homes for the first quarter of 2021. The company's backlog grew 39% to 875 homes, and they are raising their full-year outlook, expecting revenue between $925 to $980 million.
Total revenue increased 18% to $160.4 million compared to the first quarter of 2020.
Total homes delivered increased 11% to 301 homes with an average sales price of $514,000.
Total homes in backlog increased 39% to 875 homes with a dollar value of $492.7 million.
The company now expects to report approximately $925 to $980 million in total revenue for 2021.
Revenue by Segment
Forward Guidance
Landsea Homes now expects to report approximately $925 to $980 million in total revenue for 2021, with total homes delivered expected to be 1,930 to 2,030 at an average sales price of $450,000 to $495,000. Adjusted net income attributable to Landsea Homes is expected to be approximately $46 million to $56 million.
Positive Outlook
- Expecting higher levels of organic growth.
- Benefits from the acquisition of Vintage Estate Homes.
- Total revenue for 2021 expected between $925 to $980 million.
- Total homes delivered is now expected to be 1,930 to 2,030.
- Adjusted net income attributable to Landsea Homes of approximately $46 million to $56 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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