LGI Homes Q2 net income $27M, EPS $1.16; raises full-year gross margin and ASP guidance

LGI Homes, Inc.

Q2 homebuilding revenues $501.5M (+3.7% YoY); total closings 1,440 (+8.8%); ASP $367,407 (+0.5%).
Net income $27.0M ($1.16 diluted EPS); six-month adjusted diluted EPS $1.40.
Homebuilding gross margin 19.8% (adjusted 23.2%) exceeded guidance; full-year margin raised to 19.0%-21.0% (adjusted 22.5%-24.5%).
Debt reduced $128.6M in Q2; net debt-to-capital 41.6%; total liquidity $468M.
Active communities 151 at quarter end, achieving low end of full-year guidance six months early.

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