Landsea Homes Q2 2022 Earnings Report
Key Takeaways
Landsea Homes reported a strong second quarter with a 46.4% increase in home sales revenue to $351 million and net income of $14.9 million, or $0.34 per diluted share. The company also saw a 35% increase in total homes delivered and a 31.2% increase in backlog.
Home sales revenue expanded by 46.4% to $351 million.
Net income for the second quarter was $14.9 million, or $0.34 per diluted share.
Total homes delivered increased 35% to 572 homes.
Backlog increased by 31.2% to 1,571 homes, totaling $902.1 million.
Landsea Homes
Landsea Homes
Landsea Homes Revenue by Segment
Landsea Homes Revenue by Geographic Location
Forward Guidance
Landsea Homes anticipates new home deliveries to be in a range of 575 to 630 and delivery ASPs expected to be in a range of $550,000 to $575,000 for Q3 2022. For the full year 2022, new home deliveries are anticipated to be in a range of 2,500 to 2,700 and delivery ASPs expected to be in a range of $525,000 to $550,000. Home sales gross margin to be in a range of 20% to 22% on a GAAP basis, or 24% to 26% on an adjusted basis.
Positive Outlook
- New home deliveries anticipated to be in a range of 575 to 630 for Q3 2022.
- Delivery ASPs expected to be in a range of $550,000 to $575,000 for Q3 2022.
- New home deliveries anticipated to be in a range of 2,500 to 2,700 for full year 2022.
- Delivery ASPs expected to be in a range of $525,000 to $550,000 for full year 2022.
- Home sales gross margin to be in a range of 20% to 22% on a GAAP basis for full year 2022.