LGI Homes, Inc. Reports Fourth Quarter and Full Year 2019 Results and Releases 2020 Guidance

About this update from Lgi Homes, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Feb. 25, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (Nasdaq:LGIH) today announced results for the fourth quarter 2019 and the twelve months ended December 31, 2019.\n Fourth Quarter 2019 Results and Comparisons to Fourth Quarter 2018 Net Income increased 52.1% to $64.9 million, or $2.69 Basic EPS and $2.52 Diluted EPS Net Income Before Income Taxes increased 51.0% to $84.9 million Home Sales Revenues increased 42.5% to $605.6 million Home Closings increased 35.8% to 2,515 Average Home Sales Price increased 4.9% to $240,815 Gross Margin as a Percentage of Homes Sales Revenues was 23.5% Adjusted Gross Margin (non-GAAP) as a Percentage of Home Sales Revenues was 25.5% Active Selling Communities at December 31, 2019 increased 20.5% to 106 48,062 Total Owned and Controlled Lots at December 31, 2019 Please see “Non-GAAP Measures” for a reconciliation of Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure. Full Year 2019 Results and Comparisons to Full Year 2018 Net Income increased 15% to $178.6 million, or $7.70 Basic EPS and $7.02 Diluted EPS Net Income Before Income Taxes increased 16.4% to $231.8 million Home Sales Revenues increased 22.2% to $1.8 billion Home Closings increased 18.1% to 7,690 Average Home Sales Price increased 3.5% to $239,032 Gross Margin as a Percentage of Homes Sales Revenues was 23.7% Adjusted Gross Margin (non-GAAP) as a Percentage of Home Sales Revenues was 25.8% Please see “Non-GAAP Measures” for a reconciliation of Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure. Management Comments“The fourth quarter completes another outstanding year at LGI Homes,” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “We finished the year with a record-breaking 7,690 home closings, achieved significant growth in home sales revenues generating $1.8 billion, increased community count by 20%, and delivered industry leading absorptions and strong operating margins resulting in $178.6 million in net income.” “As we turn our attention to 2020, we remain disciplined in our approach and focused on delivering strong results. Building off the momentum of 2019 and the sustained strength in housing demand, we believe we are poised for continued growth and believe we are well positi...

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