Landsea Homes Q1: Revenue +22% to $294M, EPS $0.01; FY deliveries 2,500-2,900

Landsea Homes Corp

2024-Q1 EPS reported $0.01 revenue$294,041,000

Net income $0.2M ($0.01 EPS); adjusted net income $2.0M ($0.06 adjusted EPS) vs $3.2M prior.
Total revenue $294.0M (+22% YoY) on 505 home closings at avg $579K (up 14% YoY).
Net new orders 612 (+23% YoY); monthly absorption 3.3/community; cancellations 10% (vs 16%).
Adjusted EBITDA $17.0M vs $16.2M YoY; adjusted gross margin 19.4% down from 21.9%.
April placement of $300M 8.875% senior notes due 2029; proceeds used to reduce revolver.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Landsea Homes Corp reported the first quarter ended March 31, 2024 results: revenue $294.0 million, net income net income of $0.2 million, EPS $0.01 per share. Guidance initiated.

Period: the first quarter ended March 31, 2024
Revenue: $294.0 million
Net income: net income of $0.2 million
EPS: $0.01 per share
Guidance: initiated
Result: reported results

Exact text from the filing

Landsea Homes Reports First Quarter 2024 Results First Quarter 2024 Highlights • First quarter net new home orders of 612, a 23% year-over-year increase • Total revenue of $294.0 million, driven by 505 home closings at an average price of $579,000 • Adjusted EBITDA of $17.0 million • Book value per share of $17.92 • Repurchased approximately 534,000 shares of common stock for $6.4 million Dallas, Texas – May 1, 2024 – Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded homebuilder, reported financial results for the first quarter ended March 31, 2024. For the quarter, the Company reported pretax income of $0.7 million, and net income of $0.2 million, or $0.01 per share.

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Source: SEC EDGAR

accession 0001721386-24-000009

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