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Dec 31, 2023
Landsea Homes Q4 2023 Earnings Report
Reported a strong fourth quarter with significant year-over-year increase in net new orders and healthy profits.
Key Takeaways
Landsea Homes reported a strong fourth quarter with a significant increase in net new orders and healthy profits. Net income for the quarter was $12.5 million, or $0.33 per diluted share, with a 352% increase in orders compared to the previous year. The company also grew its year-end book value per share to $17.88, representing an 11% increase over year-end 2022.
Net new home orders increased by 352%.
Home sales revenue reached $379.7 million, driven by 664 home closings.
Net income was $12.5 million, or $0.33 per diluted share.
Year-end book value per share grew to $17.88, an 11.4% increase.
Revenue by Geographic Location
Forward Guidance
Landsea Homes provided guidance for Q1 2024 and Full Year 2024.
Positive Outlook
- New home deliveries anticipated to be in a range of 480 to 500 for Q1 2024.
- Delivery ASPs expected to be in a range of $560,000 to $575,000 for Q1 2024.
- Home sales gross margins between 15% and 16% on a GAAP basis and between 20% and 21% on an adjusted basis for Q1 2024.
- New home deliveries anticipated to be in a range of 2,500 to 2,900 for Full Year 2024.
- Delivery ASPs expected to be in a range of $500,000 to $525,000 for Full Year 2024.
Challenges Ahead
- Home sales gross margins between 17% and 18% on a GAAP basis for Full Year 2024.
- Home sales gross margins between 21% and 23% on an adjusted basis for Full Year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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