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Jun 30, 2021
Landsea Homes Q2 2021 Earnings Report
Reported strong second quarter results with a significant year-over-year increase in total home sales and backlog.
Key Takeaways
Landsea Homes reported a strong second quarter in 2021, with total revenue increasing by 163% to $250.3 million and total home sales increasing by 152% to $239.6 million. Net income attributable to Landsea Homes increased to $10.7 million, or $0.23 per diluted share. The company's backlog expanded to the largest level in its history with 1,197 homes.
Total revenue increased 163% to $250.3 million compared to the second quarter of 2020.
Total home sales increased 152% to $239.6 million compared to the second quarter of 2020.
Total homes delivered increased 79% to 425 homes with an average sales price of $564,000.
Net income attributable to Landsea Homes increased to $10.7 million, or $0.23 per diluted share.
Revenue by Segment
Forward Guidance
Landsea Homes raised its full year outlook for 2021 and now expects to report approximately $960 million to $1.02 billion in total revenue. Total homes delivered is now expected to be 1,930 to 2,030 at an average sales price of $497,000 to $529,000. The Company now expects to report adjusted net income attributable to Landsea Homes of approximately $53 million to $61 million in 2021.
Positive Outlook
- Total revenue expected to be between $960 million and $1.02 billion.
- Home sales gross margin is expected to be 16.9% to 17.8%.
- Adjusted home sales gross margin is expected to be 21.9% to 22.5%.
- Total homes delivered is now expected to be 1,930 to 2,030 at an average sales price of $497,000 to $529,000.
- Adjusted net income attributable to Landsea Homes expected to be $53 million to $61 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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