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Sep 30, 2021
Landsea Homes Q3 2021 Earnings Report
Landsea Homes' financial results were reported for Q3 2021, revealing a mix of challenges and achievements.
Key Takeaways
Landsea Homes reported a slight decrease in total revenue but a significant increase in net income. The company faced supply chain issues that impacted deliveries, but strong demand and price appreciation contributed to improved gross margins. They also increased total lots owned and controlled.
Fully diluted earnings increased by 130%.
Home sales gross margins expanded by 250 basis points.
Backlog units and dollar value grew by 18% and 38%, respectively.
Total lots owned and controlled increased by 46%.
Forward Guidance
Landsea Homes expects to report approximately $1,016 to $1,060 million total revenue for 2021. Total homes delivered is now expected to be 1,671 to 1,760 at an average sales price of $540,000 to $580,000. Home sales gross margin is expected to be 16.9% to 17.8% and adjusted home sales gross margin is expected to be 21.9% to 22.5%. The Company now expects to report adjusted net income attributable to Landsea Homes of approximately $62 million to $66 million in 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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