LGI Homes Reports Record Third Quarter and Year to Date 2021 Results

About this update from Lgi Homes, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Nov. 02, 2021 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the third quarter and nine months ended September 30, 2021. Third Quarter 2021 Highlights and Comparisons to Third Quarter 2020 Net Income increased 13.0% to $100.6 million, or $4.10 Basic EPS and $4.05 Diluted EPSNet Income Before Income Taxes increased 63.2% to $127.0 millionHome Sales Revenues increased 40.7% to $751.6 millionHome Closings increased 19.5% to 2,499 homes closedAverage Sales Price Per Home Closed increased 17.7% to $300,764Gross Margin as a Percentage of Homes Sales Revenues increased 160 basis points to 26.9%Adjusted Gross Margin* as a Percentage of Home Sales Revenues increased 90 basis points to 28.2%Active Selling Communities at September 30, 2021 decreased 6.4% to 103 *Non-GAAP 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. Nine Months Ended September 30, 2021 Highlights and Comparisons to Nine Months Ended September 30, 2020 Net Income increased 69.8% to $318.3 million, or $12.85 Basic EPS and $12.72 Diluted EPSNet Income Before Income Taxes increased 98.4% to $399.4 millionHome Sales Revenues increased 52.9% to $2.2 billionHome Closings increased 33.5% to 7,916 homes closedAverage Sales Price Per Home Closed increased 14.6% to $284,117Gross Margin as a Percentage of Homes Sales Revenues increased 250 basis points to 27.0%Adjusted Gross Margin* as a Percentage of Home Sales Revenues increased 190 basis points to 28.4%Total Owned and Controlled lots of 87,512 at September 30, 2021 *Non-GAAP 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. Balance Sheet Highlights Total liquidity of $506.3 million at September 30, 2021 including cash and cash equivalents of $46.7 million and $459.6 million of availability under the Company’s revolving credit facilityNet debt to capitalization of 31.7% at September 30, 2021, compared to 30.6% at December 31, 2020358,817 shares of common stock repurchased during the third quarter of 2021 Management Comments “We delivered another record breaking quarter, despite continued cost pressures and numerous supply chain headwinds,” stated Eric Li...

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