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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.
Landsea Homes
Landsea Homes
Landsea Homes Revenue by Segment
Revenue by Segment
Home Sales Revenue
CapyFin.com 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.