LGI Homes, Inc. Reports Record-Breaking June and Second Quarter 2020 Home Closings and Announces Plans to Host Second Quarter 2020 Earnings Call

Rhea-AI Summary

LGI Homes (NASDAQ: LGIH) reported strong growth in home closings for June 2020, achieving 760 closings, a 16.7% increase from June 2019. The second quarter also saw record quarterly closings of 2,005 homes, up 3.1% year-over-year. For the first half of 2020, total closings reached 3,840, marking a 21.1% increase over the same period last year. Additionally, the company celebrated its 40,000th home closing since 2003. Financial results for Q2 will be announced on August 4, 2020.

Positive

• 760 home closings in June 2020, up 16.7% YoY.
• Record quarterly closings of 2,005 in Q2 2020, up 3.1% YoY.
• 3,840 total closings in H1 2020, a 21.1% increase YoY.
• Closed 40,000th home since 2003, marking a significant milestone.

Negative

• None.

THE WOODLANDS, Texas, July 06, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced 760 home closings in June 2020, up from 651 home closings in June 2019, representing year-over-year growth of 16.7%. In addition, the Company announced record-breaking quarterly home closings of 2,005 during the second quarter of 2020 compared to 1,944 home closings in the second quarter of 2019, a 3.1% increase year-over-year. The Company finished the first six months of 2020 with a total of 3,840 home closings, a 21.1% increase over 3,172 home closings during the first six months of 2019.

During the month of June, the Company closed its 40,000^th home since commencing homebuilding operations in 2003. Eric Lipar, the Company’s Chief Executive Officer, noted, “Fulfilling our customers’ dreams of homeownership has always been our primary motivation. June is designated as National Homeownership Month and I can think of no better way to celebrate this initiative than to announce that we closed our 40,000^th home during the month of June. This is another great milestone for LGI Homes. I want to congratulate all of our employees and thank them for their dedication to making homeownership a reality for more than 40,000 families across the nation.”

As of the end of June 2020, the Company had 117 active selling communities.

The Company will release financial results for the second quarter ended June 30, 2020 before the market opens on Tuesday, August 4, 2020. The Company will hold a conference call for investors and other interested parties on Tuesday, August 4, 2020 at 12:30 p.m. Eastern Time to discuss the results and will provide additional guidance at that time.

A link to the live audio webcast will be provided through the Investors section of the Company's website at www.LGIHomes.com under Events and Presentations. The call can also be accessed by dialing (855) 433-0929 for domestic participants or (970) 315-0256 for international participants. Participants should ask for the LGI Homes 2020 Second Quarter Earnings Conference Call or reference Conference ID 3156759. Those dialing in should do so at least ten minutes prior to the start of the call.

An archive of the webcast will be available for replay on the Company's website for 12 months.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and Virginia. Recently recognized as the 10^th largest residential builder in America, based on units closed, the Company has a notable legacy of more than 17 years of homebuilding operations, over which time it has closed more than 40,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.LGIHomes.com.

Investor Relations
Joshua Fattor, (281) 210-2619
InvestorRelations@LGIHomes.com

FAQ

What were LGI Homes' home closings in June 2020?

LGI Homes reported 760 home closings in June 2020, a 16.7% increase from June 2019.

What is the total number of home closings for LGI Homes in the first half of 2020?

In the first half of 2020, LGI Homes closed a total of 3,840 homes, a 21.1% increase compared to 3,172 closings in H1 2019.

When will LGI Homes release its Q2 financial results?

LGI Homes will release its Q2 financial results on August 4, 2020.

How many active selling communities does LGI Homes have?

As of the end of June 2020, LGI Homes had 117 active selling communities.

What milestone did LGI Homes achieve in June 2020?

In June 2020, LGI Homes closed its 40,000th home since its operations began in 2003.