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

About this update from Lgi Homes, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Nov. 03, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the third quarter and nine months ended September 30, 2020.\n Third Quarter 2020 Highlights and Comparisons to Third Quarter 2019 Net Income increased 80.4% to $89.0 million, or $3.55 Basic EPS and $3.52 Diluted EPSAdjusted Net Income* of $61.9 million, or $2.47 Adjusted Basic EPS* and $2.45 Adjusted Diluted EPS*Net Income Before Income Taxes increased 20.2% to $77.8 millionHome Sales Revenues increased 10.6% to $534.2 millionHome Closings increased 4.4% to 2,091 homesAverage Home Sales Price increased 5.9% to $255,477Gross Margin as a Percentage of Homes Sales Revenues increased 120 basis points to 25.3%Adjusted Gross Margin* as a Percentage of Home Sales Revenues increased 100 basis points to 27.3%Active Selling Communities at September 30, 2020 increased 6.8% to 110 * Non-GAAP Please see “Non-GAAP Measures” for a reconciliation of Adjusted Net Income and Adjusted Earnings Per Share (non-GAAP measures) to Net Income and Earnings Per Share, the most directly comparable GAAP measures, and Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure. Nine Months Ended September 30, 2020 Highlights and Comparisons to Nine Months Ended September 30, 2019 Net Income increased 64.8% to $187.5 million, or $7.45 Basic EPS and $7.40 Diluted EPSAdjusted Net Income* of $160.9 million, or $6.39 Adjusted Basic EPS* and $6.35 Adjusted Diluted EPS*Net Income Before Income Taxes increased 37.0% to $201.3 millionHome Sales Revenues increased 19.3% to $1.5 billionHome Closings increased 14.6% to 5,931 homesAverage Home Sales Price increased 4.1% to $247,940Gross Margin as a Percentage of Homes Sales Revenues increased 60 basis points to 24.5%Adjusted Gross Margin* as a Percentage of Home Sales Revenues increased 50 basis points to 26.5% Total Owned and Controlled Lots increased to 57,185 lots at September 30, 2020Ending Backlog of 3,580 homes at September 30, 2020, an increase of 119.0%Ending Backlog Value of $932.7 million at September 30, 2020, an increase of 127.2% * Non-GAAP Please see “Non-GAAP Measures” for a reconciliation of Adjusted Net Income and Adjusted Earnings Per Share (non-GAAP measures) to Net Income and Earnings Per Share, the most directly comparable GAAP measures...

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