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Mar 31, 2024
Landsea Homes Q1 2024 Earnings Report
Reported strong top-line growth driven by increased home sales revenue and new home orders.
Key Takeaways
Landsea Homes reported a 22% year-over-year increase in total revenue to $294.0 million for the first quarter of 2024. Net new home orders increased by 23% to 612 homes. The company's net income was $0.2 million, or $0.01 per share, and adjusted EBITDA was $17.0 million.
Net new home orders increased 23% year-over-year to 612.
Total revenue reached $294.0 million, driven by 505 home closings.
Average selling price increased 14% year-over-year to $579,000.
Adjusted EBITDA was $17.0 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Landsea Homes anticipates new home deliveries to be in the range of 600 to 650, delivery ASPs to be in the range of $525,000 to $530,000 and home sales gross margin to be between 15% and 16% for the second quarter of 2024.
Positive Outlook
- New home deliveries anticipated to be in the range of 600 to 650.
- Delivery ASPs expected to be in the range of $525,000 to $530,000.
- Home sales gross margin to be between 15% and 16%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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