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Jun 30, 2023
Landsea Homes Q2 2023 Earnings Report
Reported solid progress with healthy profits and strong order results, executing its long-term strategy of continued market expansion.
Key Takeaways
Landsea Homes reported a net income of $4.9 million, or $0.12 per diluted share, driven by new home deliveries exceeding guidance. The company's focus remains on scaling operations in high-growth markets, supported by a recent $250.0 million private placement notes offering.
Net income attributable to Landsea Homes was $4.9 million, or $0.12 per diluted share.
Total revenue reached $293.2 million.
Net new home orders increased by 5% to 565, with an order value of $324.4 million.
The company repurchased 969,000 shares of common stock for $7.5 million.
Landsea Homes
Landsea Homes
Landsea Homes Revenue by Geographic Location
Forward Guidance
The company provided guidance for the third quarter and full year of 2023.
Positive Outlook
- New home deliveries anticipated to be in the range of 400 to 475 for Q3 2023
- Delivery ASPs expected to be in the range of $535,000 to $545,000 for Q3 2023
- Home sales gross margin of approximately 19% for Q3 2023
- New home deliveries anticipated to be in the range of 1,900 to 2,100 for full year 2023
- Delivery ASPs expected to be in the range of $550,000 to $560,000 for full year 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income