LGI Homes, Inc. Reports Record Second Quarter and YTD 2020 Results

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[{"type":"text","content":"THE WOODLANDS, Texas, Aug. 04, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the second quarter and six months ended June 30, 2020.\n Second Quarter 2020 Highlights and Comparisons to Second Quarter 2019 Net Income increased 20.8% to $55.6 million, or $2.22 Basic EPS and $2.21 Diluted EPSNet Income Before Income Taxes increased 13.3% to $68.6 millionHome Sales Revenues increased 4.3% to $481.6 millionHome Closings increased 3.1% to 2,005 homesAverage Home Sales Price increased 1.1% to $240,200Gross Margin as a Percentage of Homes Sales Revenues increased 40 basis points to 24.5%Adjusted Gross Margin (non-GAAP) as a Percentage of Home Sales Revenues increased 30 basis points to 26.6%Active Selling Communities at June 30, 2020 increased 25.8% to 117Total Owned and Controlled Lots decreased to 44,307 lots at June 30, 2020 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. Six Months Ended June 30, 2020 Highlights and Comparisons to Six Months Ended June 30, 2019 Net Income increased 52.9% to $98.5 million, or $3.91 Basic EPS and $3.88 Diluted EPSNet Income Before Income Taxes increased 50.2% to $123.5 millionHome Sales Revenues increased 24.9% to $936.3 millionHome Closings increased 21.1% to 3,840 homesAverage Home Sales Price increased 3.2% to $243,836Gross Margin as a Percentage of Homes Sales Revenues increased 30 basis points to 24.0%Adjusted Gross Margin (non-GAAP) as a Percentage of Home Sales Revenues increased 30 basis points to 26.1% 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 second quarter of 2020 was full of positive surprises that demonstrated the strength of our business model, the uncompromising dedication of our employees and the depth of Americans’ desire for homeownership” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “In addition to a record-breaking 2,005 quarterly home closings, the quarter was highlighted by a 4.3% increase in home sales revenues, a 40 basis point increase in our industry leading gross margin, and a record $55.6 million in net income. Our continued focus on cash manage...

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