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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
Revenue by Geographic Location
Arizona Revenue
CapyFin.comCalifornia Revenue
CapyFin.comFlorida Revenue
CapyFin.com 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