LGI Homes Reports Second Quarter 2024 Results and Updates Full Year 2024 Guidance

About this update from Lgi Homes, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, July 30, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the second quarter 2024 and the six months ended June 30, 2024. Second Quarter 2024 Highlights Home sales revenues of $602.5 millionHome closings of 1,655Average sales price per home closed of $364,047Gross margin as a percentage of home sales revenues of 25.0%Adjusted gross margin (non-GAAP) as a percentage of home sales revenues of 27.0%Net income before income taxes of $76.9 millionNet income of $58.6 million, or $2.49 basic EPS and $2.48 diluted EPS Six Months Ended June 30, 2024 Highlights Home sales revenues of $993.3 millionHome closings of 2,738Average sales price per home closed of $362,801Gross margin as a percentage of home sales revenues of 24.4%Adjusted gross margin (non-GAAP) as a percentage of home sales revenues of 26.3%Net income before income taxes of $100.0 millionNet income of $75.6 million, or $3.21 basic EPS and $3.20 diluted EPSActive selling communities at June 30, 2024 of 128Ending backlog of 1,393 homes valued at $553.6 millionTotal owned and controlled lots at June 30, 2024 of 69,904 *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 $405.9 million at June 30, 2024, including cash and cash equivalents of $51.1 million and $354.8 million of availability under the Company’s revolving credit facilityNet debt to capitalization of 43.0% at June 30, 202483,763 shares of common stock repurchased during the second quarter of 2024 for an aggregate amount of $8.0 million Management Comments “We delivered solid results in the second quarter, including continued growth in our community count and outstanding profitability metrics that exceeded the high end of our guidance,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes. “During the quarter, we delivered 1,655 homes at an average sales price of $364,047, resulting in $602.5 million dollars of revenue. In May, we hit a new record of 130 communities and ended June with 128 communities, up 25.5% over last year and right on track to reach our goal of 150 communities by year end. “We delivered a gross margin of 25.0%, up 300 basis points from last year, and an adjusted ...

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