Business
LGI Homes, Inc. Announces Record December, Fourth Quarter, and Year End 2019 Home Closings and 2019 Year End Earnings Conference Call
THE WOODLANDS, Texas, Jan. 06, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (Nasdaq:LGIH) today announced an all-time record for home closings during a single
About this update from Lgi Homes, Inc.
[{"type":"text","content":"THE WOODLANDS, Texas, Jan. 06, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (Nasdaq:LGIH) today announced an all-time record for home closings during a single month with 1,052 homes closed in December 2019, representing year-over-year growth of 19.0%. In addition, the Company announced record-breaking quarterly home closings of 2,515 during the fourth quarter of 2019 compared to 1,852 home closings in the fourth quarter of 2018, a 35.8% increase year-over-year. The Company had 7,690 home closings in 2019 surpassing its previous annual record of 6,512 home closings in 2018 by 18.1%.\n “We are extremely pleased with the results of 2019,” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “This year’s record setting performance is highlighted by an outstanding 7,690 home closings. Additional highlights include 20% growth in community count, along with the entry into several new markets and strong performance from our wholesale division.” “The fourth quarter ended with record-breaking home closings of 2,515 homes of which our wholesale division closed approximately 14%. We ended the fourth quarter with 344 wholesale closings and 583 wholesale closings for the year.” As of the end of December 2019, the Company had 106 active selling communities. “As we start the new year, we maintain our positive outlook on the future. We are continuing to see strong demand for homeownership in our markets and assuming that general economic conditions, including interest rates and mortgage availability, in 2020 are similar to those in the fourth quarter of 2019, we believe we will close between 8,400 and 9,400 homes in 2020 and end the year between 120 and 130 active communities,” Lipar concluded. The Company expects to release financial results for fourth quarter 2019 and the fiscal year ended December 31, 2019 before the market opens on Tuesday, February 25, 2020. The Company expects to hold a conference call for investors and other interested parties on Tuesday, February 25, 2020 at 12:30 p.m. Eastern Time to discuss the results and will provide additional 2020 guidance at that time. A link to the live audio webcast will be provided through the Investors section of the Company's website at www.LGIHomes.com under Events and Presentations. The call can also be accessed by dialing (855) 433-0929 for domestic participants or...