LGI Homes Reports Strong Revenue Growth and Record Community Count in Q1 2024 Earnings Call
Tuesday, 30 April 2024, 21:00
LGI Homes Q1 2024 Earnings Call Transcript
LGI Homes reported a strong first quarter in 2024, delivering 1,083 homes at an average price of over $360,000. The company achieved a gross margin of 23.4% and adjusted gross margin of 25.3%, showing success in controlling costs and protecting margins. LGI Homes ended the quarter with 120 active communities, an increase of 21% over the prior year, reaching the highest community count in its history.
Revenue Growth and Backlog
- Revenue in Q1 was $390.9 million based on 1,083 homes closed at an average sales price of $360,897.
- First quarter gross margin was 23.4%, and adjusted gross margin was 25.3%, both showing improvements compared to the same period last year.
- LGI Homes ended the quarter with 1,335 homes in backlog valued at $519.5 million, indicating strong demand and positive sales trends.
Community Expansion and Financial Position
- The company ended the quarter with 120 active communities, aiming to reach 150 by the end of the year.
- Total liquidity at the end of the quarter was $491.5 million, including $49 million of cash and $442.5 million available to borrow on their credit facility.
- The stockholders' equity was $1.87 billion, with a book value per share of $79.31, showcasing a steady increase over the last year.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.