LGI Homes Reports Third Quarter 2024 Results and Updates Full Year 2024 Guidance
LGI Homes reported Q3 2024 results with home sales revenues up 5.6% to $651.9 million and home closings up 0.3% to 1,757 homes. The average sales price increased 5.2% to $371,004. Net income grew 3.8% to $69.6 million. For the nine months ended September 30, home sales revenues decreased 6.0% to $1.6 billion, with closings down 9.6%. The company's active selling communities increased 30.2% year-over-year to 138. Based on current performance, LGI Homes updated its 2024 guidance, now expecting to close between 6,100 and 6,400 homes.
LGI Homes ha riportato i risultati del terzo trimestre del 2024, con entrate dalle vendite di case in crescita del 5,6% a 651,9 milioni di dollari e chiusure di case in aumento dello 0,3% a 1.757 abitazioni. Il prezzo medio di vendita è aumentato del 5,2% a 371.004 dollari. Il reddito netto è cresciuto del 3,8% a 69,6 milioni di dollari. Nei nove mesi conclusi il 30 settembre, le entrate delle vendite di case sono diminuite del 6,0% a 1,6 miliardi di dollari, con un calo delle chiusure del 9,6%. Le comunità di vendita attiva dell'azienda sono aumentate del 30,2% su base annua, arrivando a 138. Sulla base delle attuali performance, LGI Homes ha aggiornato le proprie previsioni per il 2024, ora prevedendo di chiudere tra 6.100 e 6.400 case.
LGI Homes reportó los resultados del tercer trimestre de 2024, con ingresos por ventas de viviendas que aumentaron un 5,6% a 651.9 millones de dólares y cierres de viviendas que subieron un 0,3% a 1.757 casas. El precio medio de venta aumentó un 5,2% a 371.004 dólares. Las ganancias netas crecieron un 3,8% a 69,6 millones de dólares. Durante los nueve meses que terminaron el 30 de septiembre, los ingresos por ventas de viviendas disminuyeron un 6,0% a 1.6 mil millones de dólares, con cierres a la baja del 9,6%. Las comunidades activas de venta de la empresa aumentaron un 30,2% interanual, alcanzando 138. Basado en el rendimiento actual, LGI Homes actualizó su guía para 2024, ahora esperando cerrar entre 6.100 y 6.400 viviendas.
LGI Homes는 2024년 3분기 결과를 보고하며 주택 판매 수익이 5.6% 증가하여 6억 5천 1백 90만 달러에 도달하고 주택 마감이 0.3% 증가하여 1,757채에 이르렀습니다. 평균 판매 가격은 5.2% 상승하여 371,004달러가 되었습니다. 순이익은 3.8% 증가하여 6천 9백 60만 달러로 늘었습니다. 9월 30일로 종료된 9개월 동안 주택 판매 수익은 6.0% 감소하여 16억 달러에 도달했고, 마감 건수는 9.6% 감소했습니다. 회사의 활성 판매 커뮤니티는 전년 대비 30.2% 증가하여 138개로 늘어났습니다. 현재 성과를 토대로 LGI Homes는 2024년 전망을 업데이트하였으며, 이제 6,100채에서 6,400채 사이의 마감을 예상하고 있습니다.
LGI Homes a rapporté les résultats du troisième trimestre 2024, avec des revenus de ventes de maisons en hausse de 5,6% à 651,9 millions de dollars et des clôtures de maisons en hausse de 0,3% à 1 757 maisons. Le prix moyen de vente a augmenté de 5,2% à 371 004 dollars. Le revenu net a augmenté de 3,8% à 69,6 millions de dollars. Pour les neuf mois se terminant le 30 septembre, les revenus de ventes de maisons ont diminué de 6,0% à 1,6 milliard de dollars, avec des clôtures en baisse de 9,6%. Les communautés actives de vente de l'entreprise ont augmenté de 30,2% d'une année sur l'autre, atteignant 138. Sur la base des performances actuelles, LGI Homes a mis à jour ses prévisions pour 2024, s'attendant désormais à clôturer entre 6 100 et 6 400 maisons.
LGI Homes hat die Ergebnisse für das dritte Quartal 2024 berichtet, mit Umsätzen aus Hausverkäufen, die um 5,6% gestiegen sind auf 651,9 Millionen Dollar und Hausübertragungen, die um 0,3% zugenommen haben auf 1.757 Häuser. Der durchschnittliche Verkaufspreis stieg um 5,2% auf 371.004 Dollar. Der Nettogewinn wuchs um 3,8% auf 69,6 Millionen Dollar. In den neun Monaten bis zum 30. September sanken die Umsätze aus Hausverkäufen um 6,0% auf 1,6 Milliarden Dollar, mit einem Rückgang der Übertragungen um 9,6%. Die aktiven Verkaufs-communities des Unternehmens stiegen im Vergleich zum Vorjahr um 30,2% auf 138. Basierend auf den aktuellen Leistungen hat LGI Homes seine Prognose für 2024 aktualisiert und erwartet nun, zwischen 6.100 und 6.400 Häuser zu schließen.
- Q3 revenue increased 5.6% to $651.9 million
- Q3 net income grew 3.8% to $69.6 million
- Average sales price increased 5.2% to $371,004
- Active selling communities increased 30.2% year-over-year
- Pre-tax net income margin improved to 14.1%, up 130 basis points sequentially
- Nine-month home sales revenues declined 6.0% to $1.6 billion
- Home closings decreased 9.6% for the nine-month period
- Q3 gross margin decreased 60 basis points to 25.1%
Insights
The Q3 2024 results show mixed performance with some positive indicators. Home sales revenues increased by
Notable concerns include the slight gross margin compression of 60 basis points to
LGIH's performance reflects broader housing market dynamics. The company's ability to maintain pricing power while growing community count demonstrates strategic market positioning. The strong backlog of 1,088 homes valued at
The significant land position of 68,564 owned and controlled lots offers substantial growth runway, though careful monitoring of carrying costs is warranted given current interest rates. The conservative net debt to capitalization ratio of
THE WOODLANDS, Texas, Nov. 05, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the third quarter 2024 and the nine months ended September 30, 2024.
Third Quarter 2024 Highlights
- Home sales revenues increased
5.6% to$651.9 million - Home closings increased
0.3% to 1,757 homes - Average sales price per home closed increased
5.2% to$371,004 - Gross margin as a percentage of home sales revenues decreased 60 basis points to
25.1% - Adjusted gross margin* as a percentage of home sales revenues was
27.2% in both comparable periods - Net income before income taxes increased
2.7% to$91.9 million - Net income increased
3.8% to$69.6 million , or$2.96 b asic EPS and$2.95 diluted EPS
Nine Months Ended September 30, 2024 Highlights
- Home sales revenues decreased
6.0% to$1.6 billion - Home closings decreased
9.6% to 4,495 - Average sales price per home closed increased
4.0% to$366,007 - Gross margin as a percentage of home sales revenues increased 190 basis points to
24.7% - Adjusted gross margin* as a percentage of home sales revenues increased 220 basis points to
26.7% - Net income before income taxes decreased
0.7% to$191.8 million - Net income decreased
1.3% to$145.2 million , or$6.17 b asic EPS and$6.15 diluted EPS - Active selling communities at September 30, 2024 of 138
- Ending backlog at September 30, 2024 of 1,088 homes valued at
$417.8 million - Total owned and controlled lots at September 30, 2024 of 68,564
*Non-GAAP
Please see “Non-GAAP Measures” for a reconciliation of Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure.
Balance Sheet Highlights
- Total liquidity of
$375.4 million at September 30, 2024, including cash and cash equivalents of$60.9 million and$314.5 million of availability under the Company’s revolving credit facility - Net debt to capitalization of
42.7% at September 30, 2024
Management Comments
“Our strong third quarter financial results reflect our focus on operational excellence and a commitment to maximize our profitability,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes.
“In the third quarter, we delivered 1,757 homes at an average sales price of
“Given our performance to date and market trends observed thus far in the fourth quarter, we are updating our full year guidance for 2024. We now expect to close between 6,100 and 6,400 homes this year. Additionally, we are increasing the range of our gross margin and adjusted gross margin guidance by 50 basis points at both the low and high ends of our prior ranges.”
Mr. Lipar concluded, “While the industry continues to face near-term headwinds, the broader fundamentals of the housing market remain solid, and the appeal of homeownership endures. During this dynamic period, we remain committed to investing in the long-term growth of our business and delivering profitability-focused results for our stockholders.”
Full Year 2024 Outlook
Subject to the caveats in the Forward-Looking Statements section of this press release and the assumptions noted below, the Company is providing the following updates to its guidance for the full year 2024. The Company now expects:
- Home closings between 6,100 and 6,400
- Active selling communities at the end of 2024 of approximately 150
- Average sales price per home closed between
$360,000 and$370,000 - Gross margin as a percentage of home sales revenues between
24.0% and25.0% - Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between
26.0% and27.0% with capitalized interest accounting for substantially all of the difference between gross margin and adjusted gross margin - SG&A as a percentage of home sales revenues between
14.0% and14.5% - Effective tax rate of approximately
24.5%
This outlook assumes that general economic conditions, including input costs, materials, product and labor availability, interest rates and mortgage availability, in the remainder of 2024 are similar to those experienced to date in 2024 and that construction costs, availability of land and land development costs in the remainder of 2024 are consistent with the Company’s recent experience. In addition, this outlook assumes that governmental regulations relating to land development and home construction are similar to those currently in place.
Earnings Conference Call
The Company will host a conference call via live webcast for investors and other interested parties beginning at 12:30 p.m. Eastern Time on Tuesday, November 5, 2024 (the “Earnings Call”).
Participants may access the live webcast by visiting the Investor Relations section of the Company’s website at www.investor.lgihomes.com.
An archive of the Earnings Call will be available for replay on the Company’s website for one year from the date of the Earnings Call.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. As one of America’s fastest growing companies, LGI Homes has closed over 70,000 homes since its founding in 2003 and has delivered profitable financial results every year. Nationally recognized for its quality construction and exceptional customer service, LGI Homes was named to Newsweek’s list of the World’s Most Trustworthy Companies. LGI Homes’ commitment to excellence extends to its more than 1,000 employees, earning the Company numerous workplace awards at the local, state and national level, including the Top Workplaces USA 2024 Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company’s website at www.lgihomes.com.
Forward-Looking Statements
Any statements made in this press release or on the Earnings Call that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include information concerning projected 2024 home closings, active selling communities, average sales price per home closed, gross margin as a percentage of home sales revenues, adjusted gross margin as a percentage of homes sales revenues, SG&A as a percentage of home sales revenues and effective tax rate, as well as market conditions and possible or assumed future results of operations, including descriptions of the Company’s business plan and strategies. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including the “Cautionary Statement about Forward-Looking Statements” subsection within the “Risk Factors” section, the “Risk Factors” and “Cautionary Statement about Forward-Looking Statements” sections in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and subsequent filings by the Company with the U.S. Securities and Exchange Commission. The Company bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release or listen to the Earnings Call, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although the Company believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company’s actual results to differ materially from those expressed in the forward-looking statements and projections. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.
| LGI HOMES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 60,903 | $ | 48,978 | ||||
| Accounts receivable | 49,022 | 41,319 | ||||||
| Real estate inventory | 3,439,668 | 3,107,648 | ||||||
| Pre-acquisition costs and deposits | 33,676 | 30,354 | ||||||
| Property and equipment, net | 62,001 | 45,522 | ||||||
| Other assets | 159,399 | 113,849 | ||||||
| Deferred tax assets, net | 9,146 | 8,163 | ||||||
| Goodwill | 12,018 | 12,018 | ||||||
| Total assets | $ | 3,825,833 | $ | 3,407,851 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Accounts payable | $ | 53,314 | $ | 31,616 | ||||
| Accrued expenses and other liabilities | 229,097 | 271,872 | ||||||
| Notes payable | 1,546,459 | 1,248,332 | ||||||
| Total liabilities | 1,828,870 | 1,551,820 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| EQUITY | ||||||||
| Common stock, par value | 276 | 275 | ||||||
| Additional paid-in capital | 334,792 | 321,062 | ||||||
| Retained earnings | 2,034,917 | 1,889,716 | ||||||
| Treasury stock, at cost, 4,112,462 shares as of September 30, 2024 and 3,939,472 shares as of December 31, 2023 | (373,022 | ) | (355,022 | ) | ||||
| Total equity | 1,996,963 | 1,856,031 | ||||||
| Total liabilities and equity | $ | 3,825,833 | $ | 3,407,851 | ||||
| LGI HOMES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Home sales revenues | $ | 651,854 | $ | 617,539 | $ | 1,645,202 | $ | 1,750,166 | ||||||||
| Cost of sales | 488,362 | 458,734 | 1,239,425 | 1,350,608 | ||||||||||||
| Selling expenses | 55,196 | 49,781 | 149,196 | 141,811 | ||||||||||||
| General and administrative | 27,991 | 26,748 | 90,022 | 84,334 | ||||||||||||
| Operating income | 80,305 | 82,276 | 166,559 | 173,413 | ||||||||||||
| Other income, net | (11,547 | ) | (7,173 | ) | (25,270 | ) | (19,793 | ) | ||||||||
| Net income before income taxes | 91,852 | 89,449 | 191,829 | 193,206 | ||||||||||||
| Income tax provision | 22,277 | 22,407 | 46,628 | 46,068 | ||||||||||||
| Net income | $ | 69,575 | $ | 67,042 | $ | 145,201 | $ | 147,138 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 2.96 | $ | 2.85 | $ | 6.17 | $ | 6.24 | ||||||||
| Diluted | $ | 2.95 | $ | 2.84 | $ | 6.15 | $ | 6.21 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 23,500,349 | 23,546,061 | 23,540,620 | 23,562,374 | ||||||||||||
| Diluted | 23,579,592 | 23,640,686 | 23,611,906 | 23,696,095 | ||||||||||||
Non-GAAP Measures
In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has provided information in this press release relating to adjusted gross margin.
Adjusted Gross Margin
Adjusted gross margin is a non-GAAP financial measure used by management as a supplemental measure in evaluating operating performance. The Company defines adjusted gross margin as gross margin less capitalized interest and adjustments resulting from the application of purchase accounting included in the cost of sales. Management believes this information is useful because it isolates the impact that capitalized interest and purchase accounting adjustments have on gross margin. However, because adjusted gross margin information excludes capitalized interest and purchase accounting adjustments, which have real economic effects and could impact results, the utility of adjusted gross margin information as a measure of the Company’s operating performance may be limited. In addition, other companies may not calculate adjusted gross margin information in the same manner that the Company does. Accordingly, adjusted gross margin information should be considered only as a supplement to gross margin information as a measure of the Company’s performance.
The following table reconciles adjusted gross margin to gross margin, which is the GAAP financial measure that management believes to be most directly comparable (dollars in thousands, unaudited):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Home sales revenues | $ | 651,854 | $ | 617,539 | $ | 1,645,202 | $ | 1,750,166 | ||||||||
| Cost of sales | 488,362 | 458,734 | 1,239,425 | 1,350,608 | ||||||||||||
| Gross margin | 163,492 | 158,805 | 405,777 | 399,558 | ||||||||||||
| Capitalized interest charged to cost of sales | 12,954 | 8,580 | 30,187 | 24,475 | ||||||||||||
| Purchase accounting adjustments (1) | 1,157 | 767 | 3,134 | 5,511 | ||||||||||||
| Adjusted gross margin | $ | 177,603 | $ | 168,152 | $ | 439,098 | $ | 429,544 | ||||||||
| Gross margin % (2) | 25.1 | % | 25.7 | % | 24.7 | % | 22.8 | % | ||||||||
| Adjusted gross margin % (2) | 27.2 | % | 27.2 | % | 26.7 | % | 24.5 | % | ||||||||
(1) Adjustments result from the application of purchase accounting for acquisitions and represent the amount of the fair value step-up adjustments included in cost of sales for real estate inventory sold after the acquisition dates.
(2) Calculated as a percentage of home sales revenues.
Home Sales Revenues, Home Closings, Average Sales Price Per Home Closed (ASP), Average Community Count, Average Monthly Absorption Rate and Closing Community Count by Reportable Segment
(Revenues in thousands, unaudited)
| Three Months Ended September 30, 2024 | As of September 30, 2024 | ||||||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | |||||||||||
| Central | $ | 164,439 | 509 | $ | 323,063 | 45.7 | 3.7 | 47 | |||||||||
| Southeast | 155,205 | 466 | 333,058 | 27.3 | 5.7 | 29 | |||||||||||
| Northwest | 83,061 | 150 | 553,740 | 14.3 | 3.5 | 15 | |||||||||||
| West | 150,646 | 361 | 417,302 | 23.0 | 5.2 | 24 | |||||||||||
| Florida | 98,503 | 271 | 363,480 | 23.0 | 3.9 | 23 | |||||||||||
| Total | $ | 651,854 | 1,757 | $ | 371,004 | 133.3 | 4.4 | 138 | |||||||||
| Three Months Ended September 30, 2023 | As of September 30, 2023 | ||||||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | |||||||||||
| Central | $ | 183,615 | 561 | $ | 327,299 | 34.7 | 5.4 | 34 | |||||||||
| Southeast | 149,593 | 452 | 330,958 | 23.7 | 6.4 | 24 | |||||||||||
| Northwest | 67,666 | 131 | 516,534 | 11.0 | 4.0 | 11 | |||||||||||
| West | 94,950 | 249 | 381,325 | 14.3 | 5.8 | 15 | |||||||||||
| Florida | 121,715 | 358 | 339,986 | 20.0 | 6.0 | 22 | |||||||||||
| Total | $ | 617,539 | 1,751 | $ | 352,678 | 103.7 | 5.6 | 106 | |||||||||
| Nine Months Ended September 30, 2024 | ||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | |||||||
| Central | $ | 441,609 | 1,363 | $ | 323,998 | 43.8 | 3.5 | |||||
| Southeast | 407,068 | 1,231 | 330,681 | 26.2 | 5.2 | |||||||
| Northwest | 187,253 | 344 | 544,340 | 13.6 | 2.8 | |||||||
| West | 351,880 | 848 | 414,953 | 20.7 | 4.6 | |||||||
| Florida | 257,392 | 709 | 363,035 | 21.8 | 3.6 | |||||||
| Total | $ | 1,645,202 | 4,495 | $ | 366,007 | 126.1 | 4.0 | |||||
| Nine Months Ended September 30, 2023 | ||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | |||||||
| Central | $ | 564,580 | 1,724 | $ | 327,483 | 35.3 | 5.4 | |||||
| Southeast | 397,618 | 1,216 | 326,988 | 24.1 | 5.6 | |||||||
| Northwest | 212,885 | 433 | 491,651 | 10.1 | 4.8 | |||||||
| West | 256,575 | 672 | 381,808 | 13.3 | 5.6 | |||||||
| Florida | 318,508 | 926 | 343,961 | 18.3 | 5.6 | |||||||
| Total | $ | 1,750,166 | 4,971 | $ | 352,075 | 101.1 | 5.5 | |||||
Owned and Controlled Lots
The table below shows (i) home closings by reportable segment for the nine months ended September 30, 2024 and (ii) the Company’s owned or controlled lots by reportable segment as of September 30, 2024.
| Nine Months Ended September 30, 2024 | As of September 30, 2024 | |||||||
| Reportable Segment | Home Closings | Owned (1) | Controlled | Total | ||||
| Central | 1,363 | 20,283 | 1,842 | 22,125 | ||||
| Southeast | 1,231 | 14,072 | 4,239 | 18,311 | ||||
| Northwest | 344 | 5,478 | 2,286 | 7,764 | ||||
| West | 848 | 9,023 | 3,754 | 12,777 | ||||
| Florida | 709 | 5,173 | 2,414 | 7,587 | ||||
| Total | 4,495 | 54,029 | 14,535 | 68,564 | ||||
(1) Of the 54,029 owned lots as of September 30, 2024, 38,734 were raw/under development lots and 15,295 were finished lots. Finished lots included 2,491 completed homes, including information centers, and 1,977 homes in progress.
Backlog Data
As of the dates set forth below, the Company’s net orders, cancellation rate and ending backlog homes and value were as follows (dollars in thousands, unaudited):
| Backlog Data | Nine Months Ended September 30, | |||||||
| 2024 (4) | 2023 (5) | |||||||
| Net orders (1) | 4,993 | 5,646 | ||||||
| Cancellation rate (2) | 21.6 | % | 22.8 | % | ||||
| Ending backlog – homes (3) | 1,088 | 1,377 | ||||||
| Ending backlog – value (3) | $ | 417,798 | $ | 509,932 | ||||
(1) Net orders are new (gross) orders for the purchase of homes during the period, less cancellations of existing purchase contracts during the period.
(2) Cancellation rate for a period is the total number of purchase contracts cancelled during the period divided by the total new (gross) orders for the purchase of homes during the period.
(3) Ending backlog consists of retail homes at the end of the period that are under a purchase contract that has been signed by homebuyers who have met preliminary financing criteria but have not yet closed and wholesale contracts with varying terms. Ending backlog is valued at the contract amount.
(4) As of September 30, 2024, the Company had 212 units related to bulk sales agreements associated with its wholesale business.
(5) As of September 30, 2023, the Company had 273 units related to bulk sales agreements associated with its wholesale business.
| CONTACT: | Joshua D. Fattor Executive Vice President, Investor Relations and Capital Markets (281) 210-2586 investorrelations@lgihomes.com |
FAQ
What was LGI Homes (LGIH) revenue growth in Q3 2024?
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What is LGIH's updated home closing guidance for 2024?
What was LGIH's average home sales price in Q3 2024?
