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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.
Landsea Homes
Landsea Homes
Landsea Homes Revenue by Geographic Location
Revenue by Geographic Location
Arizona Revenue
CapyFin.comCalifornia Revenue
CapyFin.comColorado Revenue
CapyFin.comFlorida Revenue
CapyFin.com 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