LGI Homes Reports Second Quarter 2023 Results and Raises Full Year Closing and Margin Guidance

About this update from Lgi Homes, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Aug. 01, 2023 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the second quarter 2023 and the six months ended June 30, 2023. Second Quarter 2023 Highlights Net Income of $53.1 million, or $2.26 Basic EPS and $2.25 Diluted EPSNet Income Before Income Taxes of $71.4 millionHome Sales Revenues of $645.3 millionHome Closings of 1,854Average Sales Price per Home Closed of $348,042Gross Margin as a Percentage of Homes Sales Revenues of 22.0%Adjusted Gross Margin* as a Percentage of Home Sales Revenues of 23.8% Six Months Ended June 30, 2023 Highlights Net Income of $80.1 million, or $3.41 Basic EPS and $3.39 Diluted EPSNet Income Before Income Taxes of $103.8 millionHome Sales Revenues of $1.1 billionHome Closings of 3,220Average Sales Price per Home Closed of $351,748Gross Margin as a Percentage of Homes Sales Revenues of 21.3%Adjusted Gross Margin* as a Percentage of Home Sales Revenues of 23.1% Active Selling Communities at June 30, 2023 of 102Net Orders of 4,156Ending Backlog at June 30, 2023 of 1,638 homes valued at $601.3 millionTotal Owned and Controlled Lots at June 30, 2023 of 69,226 *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 $384.7 million at June 30, 2023, including cash and cash equivalents of $43.3 million and $341.4 million of availability under the Company’s revolving credit facilityNet debt to capitalization of 36.8% at June 30, 2023 Management Comments “We delivered strong results in the second quarter as we continued to capitalize on the recovery in demand for new homes and focused on increasing affordability for our customers and returning profitability to historical levels,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes. “In the second quarter, we closed 1,854 homes, a 35.7% increase over the first quarter of 2023, and generated over $645.3 million in revenue. Driving our performance was the strength of our backlog coming into the second quarter and our ongoing success at connecting motivated, qualified buyers with our highly trained sales teams. Our average selling price in the second quarter was $348,042, a decrease of 2.4%, both year-over-year and sequentially. C...

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