Welcome to our dedicated page for LGI Homes news (Ticker: LGIH), a resource for investors and traders seeking the latest updates and insights on LGI Homes stock.
LGI Homes, Inc. (symbol: LGIH) is a premier homebuilder based in The Woodlands, Texas, dedicated to making homeownership dreams come true since 2003. Specializing in the design, construction, and sale of new homes, LGI Homes strategically places its beautiful new homes in amenity-rich communities near major metropolitan areas, offering the perfect blend of location, affordability, and lifestyle.
The company’s mission is to provide both first-time and long-time homebuyers with quality homes at affordable prices. This is achieved through an efficient business model where LGI Homes procures and develops its own land, allowing for significant cost savings that are passed directly to customers. The communities are situated close to urban centers, providing residents with the benefits of city life while enjoying the open space and lower costs of suburban living.
LGI Homes offers a variety of products including entry-level homes, move-up homes, and luxury series homes under the LGI Homes and Terrata Homes brands. Each community features a set number of floor plans with appealing upgrades such as granite countertops, modern appliances, and ceramic tile flooring. The company's operations are divided into seven segments: Central, Midwest, Southeast, Mid-Atlantic, Northwest, West, and Florida, with the majority of revenue generated from the Central division.
Recent achievements include robust balance sheet highlights, significant home sales revenue, increased average sales prices per home closed (ASP), and notable average monthly absorption rates. LGI Homes continues to expand its footprint with a substantial backlog of owned and controlled lots, ensuring a steady pipeline of new homes to meet market demand.
As a publicly traded company, LGI Homes is committed to transparency and providing shareholders with the latest updates on financial performance, community counts, and closing metrics by reportable segment. For more detailed information and the latest news, visit here.
LGI Homes (NASDAQ: LGIH) reported its Q1 2022 results, showing a 21% decline in net income to $78.7 million, or $3.30 per share. Home sales revenues fell 22.7% to $546.1 million, with a 37.6% drop in home closings to 1,599. However, the average sales price rose 23.9% to $341,495, and gross margins improved by 210 basis points to 29.0%. The company has a strong backlog of 2,429 homes valued at $849.1 million. Management updated guidance for the year, anticipating average sales prices between $335,000 and $350,000.
LGI Homes has announced the opening of Van Buren Estates, a new housing community in Celina, Texas. This community offers spacious homes situated on one-acre lots, with prices starting in the mid-$800s. Homebuyers can select from five popular floor plans ranging from 3,042 to over 4,000 square feet, featuring luxury upgrades at no additional cost. Van Buren Estates combines modern living with convenience, located near parks and local amenities. Potential buyers are encouraged to contact LGI Homes for more details or to schedule a tour.
LGI Homes, Inc. (NASDAQ: LGIH) announced the closing of 658 homes in March 2022 and a total of 1,599 home closings for the first quarter of 2022. As of March 31, 2022, the company operated 88 active selling communities. Financial results for the first quarter are scheduled for release on May 3, 2022. A conference call will be held at 12:30 p.m. ET that day to discuss the results, accessible via a live audio webcast on the company's investor page.
LGI Homes has announced the grand opening of Cannery Park, a new community in Stockton, featuring 387 single-family homes priced from the $500s. The development, located near major highways and local amenities, is designed to offer convenient access to parks and entertainment. Homes range in size from 1,342 to over 2,200 square feet, with up to five bedrooms and three baths. Each home includes modern upgrades like energy-saving features and stainless steel appliances. Quick move-in options are available for interested buyers.
LGI Homes (NASDAQ: LGIH) has unveiled SC Ranch, a new community in Marana, Tucson, featuring single-family homes starting in the low-$300s. The community provides open-concept floor plans ranging from 3 to 5 bedrooms, equipped with the CompleteHome™ package, including modern appliances and granite countertops. SC Ranch is strategically located near major employers and amenities such as parks, golf courses, and shopping centers, enhancing its appeal to potential homebuyers. The company continues its tradition of quality construction and customer service.
LGI Homes, Inc. launched a redesigned website for its luxury brand, Terrata Homes, on March 7, 2022. The new site enhances user experience with a modern design featuring interactive elements and improved visuals, catering to contemporary homebuyer expectations. Chief Marketing Officer Rachel Eaton highlighted that the website showcases the unique lifestyle offerings of Terrata neighborhoods and simplifies the home-buying process. The site allows visitors to explore various neighborhoods and floor plans, reinforcing Terrata Homes as a provider of quality, move-in ready homes.
LGI Homes, Inc. (NASDAQ: LGIH) reported the closure of 499 homes in February 2022, reflecting robust activity in the housing market. As of February 28, 2022, the company operates 89 active selling communities, a testament to its growth strategy. With over 50,000 homes closed since its inception, LGI Homes has maintained profitability every year for more than 18 years. The company ranks as the 10th largest residential builder in the U.S. based on units closed and has received accolades for workplace excellence, including the Cultural Excellence Award for 2022.
LGI Homes has launched Tenny Creek, a new townhome community in Vancouver, WA, featuring 50 move-in ready homes priced from the $450s. Located conveniently near I-5N, it offers access to Portland's employers and local amenities. Each home includes modern upgrades, spacious layouts, and a variety of features such as walk-in closets and tech lofts. Buyers can select from four floor plans, ranging in size from 1,367 to 1,879 square feet. The community promises a simplified home buying experience with amenities nearby, including Salmon Creek Regional Park.
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