earnings
confidence high
sentiment neutral
materiality 0.75
LGI Homes Q1 net income falls 21% to $78.7M; updates guidance with higher ASP and margins
LGI Homes, Inc.
2022-Q1 EPS reported
$3.25
revenue$546,050,000
- Net income $78.7M ($3.25 diluted EPS) vs $99.6M pre-tax income in Q1 2021.
- Home sales revenue $546.1M, down 22.7%; closings 1,599, down 37.6%.
- Average sales price record $341,495 (+23.9%); gross margin 29.0% (+210 bps).
- Repurchased 475k shares for $57.7M in Q1 2022.
- Updated 2022 guidance: ASP $335k-$350k; gross margin 27%-29%; adj. gross margin 28.5%-30.5%.