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Jun 30, 2024
Landsea Homes Q2 2024 Earnings Report
Reported strong top-line growth and increased home sales revenue by 43.5%.
Key Takeaways
Landsea Homes reported a strong second quarter in 2024, with a significant increase in home sales revenue and net new home orders. The company's strategic efforts to expand and achieve economies of scale have contributed to substantial growth in sales and closings.
Home sales revenue increased by 43.5% to $418.2 million.
Net new home orders increased by 34.5% to 760 homes.
Net income was reported at $2.9 million, or $0.08 per share.
Adjusted net income increased by 9% to $13.3 million, or $0.36 per share.
Revenue by Segment
Forward Guidance
Landsea Homes provided the following outlook for the third quarter of 2024:
Positive Outlook
- New home deliveries are anticipated to be in the range of 625 to 700.
- Delivery ASPs are expected to be in the range of $495,000 to $510,000.
- Adjusted home sales gross margin is expected to be between 20% and 21%.
- Home sales gross margin is expected to be approximately 15%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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