earnings
confidence high
sentiment positive
materiality 0.85
LGI Homes Q2 net income jumps 112% to $118M; raises FY 2021 guidance on closings, margins
LGI Homes, Inc.
2021-Q2 EPS reported
$8.66
revenue$1,497,465,000
- Q2 net income of $118.1M ($4.71 diluted EPS) vs $55.6M ($2.21) a year ago; revenue up 64% to $791.5M.
- Home closings rose 42% to 2,856; average selling price up 15% to $277,140; gross margin expanded 250 bps to 27.0%.
- Backlog grew 126% to 4,801 homes valued at $1.4B; repurchased $55.8M of stock in Q2.
- Completed $300M 4.000% Senior Notes due 2029; redeemed $300M 6.875% notes in July with $10.3M premium.
- Raised FY2021 guidance: closings 10,000-10,500, avg price $285-295k, GM 26-28%, adj. GM 27.5-29.5%, SG&A 9-9.5%.