earnings
confidence high
sentiment neutral
materiality 0.75
LGI Homes reports Q2 record net income $123.4M; home closings down 29% YoY, updates FY2022 guidance
LGI Homes, Inc.
2022-Q2 EPS reported
$8.43
revenue$1,269,119,000
- Net income increased 4.4% to $123.4M ($5.20 diluted EPS); home sales revenue fell 8.6% to $723.1M.
- Home closings dropped 29% to 2,027; average sales price rose 28.7% to $356,719.
- Gross margin expanded 500 bps to 32.0%; adjusted gross margin 33.1% (up 460 bps).
- FY2022 guidance: 7,500-8,300 closings, ASP $345K-$360K; maintains gross margin 27%-29%.
- Repurchased 417,861 shares for $37.4M in Q2; net debt to capitalization at 42.4%.