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Mar 31, 2023
Landsea Homes Q1 2023 Earnings Report
Reported a decrease in revenue and net income compared to the same quarter last year, but showed improvement in traffic, sales, and cancellation rates compared to the previous quarter.
Key Takeaways
Landsea Homes reported a decrease in revenue and net income for the first quarter of 2023 compared to the prior year. However, the company saw improvements in traffic, sales, and cancellation rates compared to the fourth quarter of 2022. They recorded net income of $3.2 million, or $0.08 per diluted share, on home sales revenue of $240.6 million.
Total revenue was $241.7 million, a 23.6% decrease compared to Q1 2022.
Net income was $3.2 million, or $0.08 per diluted share, compared to $13.1 million, or $0.28 per share in the prior year.
Total homes delivered were 472, with an average sales price of $510,000.
Net new home orders were 498, with an order value of $282.5 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Landsea Homes provided guidance for the second quarter and full year of 2023.
Positive Outlook
- New home deliveries are anticipated to be in the range of 450 to 500 for Q2 2023.
- Delivery ASPs are expected to be in the range of $510,000 to $520,000 for Q2 2023.
- Home sales gross margin of approximately 18% for Q2 2023.
- New home deliveries are anticipated to be in the range of 1,650 to 2,000 for full year 2023.
- Delivery ASPs are expected to be in the range of $540,000 to $575,000 for full year 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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