LGI Homes Q3 net income down 10.1%; revenue down 27.2%; guidance cut

LGI Homes, Inc.

2022-Q3 EPS reported $12.29 revenue$1,816,193,000

Net income $90.4M ($3.85 diluted EPS) vs $100.6M; home sales revenue $547.1M down 27.2% YoY.
Home closings fell 38.1% to 1,547; average sales price rose 17.6% to $353,635.
Gross margin 28.5% (adjusted 29.5%) up 160 bps on cost controls and pricing actions.
Full year 2022 guidance: 6,700-7,100 closings at ASP $340k-$350k; active communities 95-100.
Net orders up 77.8% sequentially; financing initiatives and selective price reductions implemented.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LGI Homes, Inc. updated its 2022 guidance (reaffirmed).

Period: 2022
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Given our performance to date and outlook for the remainder of the year, we are updating our full year guidance for 2022. We now expect to close between 6,700 and 7,100 homes at an average sales price between $340,000 and $350,000 and to end the year with between 95 and 100 active communities.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LGI Homes, Inc. reported financial results for three and nine months ended September 30, 2022.

Period: three and nine months ended September 30, 2022
Result: reported results

Exact text from the filing

On November 1, 2022, LGI Homes, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2022.

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LGI Homes, Inc. filing history →

Source: SEC EDGAR

accession 0001580670-22-000078

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