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) has unveiled its latest community, Stone Crest Estate, located in Fairburn, Atlanta. Homes start from the low $300,000s, with properties ranging from 1,938 to 2,626 square feet. Each home features upgraded amenities, including Whirlpool appliances, quartz countertops, and energy-efficient designs. The community offers easy access to major employers and the Atlanta airport, making it ideal for families seeking quality living spaces. LGI Homes continues to expand its footprint, having built over 50,000 homes since its inception.
LGI Mortgage Solutions, a joint venture between loanDepot and LGI Homes, is launching full-service residential mortgage solutions in Arizona, Colorado, and Florida. The venture plans to expand into ten additional states, including Georgia and Tennessee, by Q1 2022. This initiative aims to streamline the home financing process for LGI Homes' customers, enhancing loanDepot's position in the mortgage market. The partnership emphasizes customer service and aims to deliver competitive rates and a transparent lending experience, backed by the reputations of both companies.
LGI Homes (NASDAQ: LGIH) reported a total of 725 home closings in October 2021, a decrease from 818 in October 2020. However, the company achieved a notable 28% increase in home closings over the first ten months of 2021, totaling 8,641 compared to 6,749 in the same period last year. As of October 31, 2021, LGI Homes operated 106 active selling communities. The company continues to be recognized as a leader in the homebuilding industry, known for its commitment to quality and customer service.
LGI Homes reported a strong financial performance for Q3 2021, with net income increasing by 13% to $100.6 million, translating to diluted EPS of $4.05. Home sales revenues surged 40.7% to $751.6 million, alongside a 19.5% rise in home closings, totaling 2,499 homes. Average sales price per home closed rose by 17.7% to $300,764. For the nine months ended September 30, 2021, net income reached $318.3 million, a 69.8% increase, with home sales revenues up 52.9% to $2.2 billion. The company anticipates closing between 10,000 and 10,500 homes by year-end, with a tightened gross margin forecast.
LGI Homes (NASDAQ: LGIH) has introduced a new line of five floor plans in Oklahoma City, with prices starting from the $220s. These homes, ranging from 1,405 to 2,483 square feet, include three to five bedrooms and two to three bathrooms, featuring well-designed interiors and various upgrades. A one-day-only sales event is scheduled for October 23 at Crimson Lake Estates, followed by another event on October 30 at Wyndemere community. The launch emphasizes LGI Homes' commitment to offering quality homes in family-friendly areas while providing exclusive discounts during the events.
LGI Homes has launched its latest community, Hamlets of Tavares, in Orlando, featuring upgraded two-story townhomes priced from the mid-$200s. Each home offers 1,500 to 1,817 square feet of space, with 2-3 bedrooms and 2.5 bathrooms. Residents will enjoy community amenities such as a children's play structure and dog park. The homes come with the CompleteHome™ package, including modern upgrades like stainless steel appliances and granite countertops. LGI Homes has a 18-year legacy of profitability and has closed over 50,000 homes across 35 markets.
LGI Homes has launched a $9 million amenity center, Club Liberty, at its Summit at Liberty community, catering to residents aged 55 and above in Rio Vista, California. The 4.5-acre complex includes various recreational facilities such as a fitness center, pool, community garden, and an events barn designed for gatherings. New single-story homes in this community start in the high $400,000s and offer modern amenities. This expansion reinforces LGI Homes' commitment to enhancing community living while providing quality housing options.
LGI Homes, Inc. (NASDAQ: LGIH) reported closing of 793 homes in September 2021, a slight decrease from 811 homes in September 2020. However, the company achieved record quarterly closings of 2,499 homes in Q3 2021, reflecting a 19.5% increase from 2,091 in Q3 2020. The year-to-date closings reached 7,916, up 33.5% compared to 5,931 in the first nine months of 2020. As of September 30, 2021, LGI Homes operated 103 active selling communities. Financial results for Q3 will be announced on November 2, 2021, followed by a conference call at 12:30 p.m. ET.
LGI Homes has announced the launch of Southern Pines, a new community in Jacksonville, Florida. The development features five home designs ranging from 2,592 to over 3,300 square feet, offering modern upgrades and spacious layouts on one- to six-acre lots. Prices start in the $490s, with quick move-in options available. Residents will benefit from nearby amenities and excellent schools while enjoying a peaceful setting away from urban congestion. LGI Homes continues to pioneer innovative homebuilding, with over 50,000 homes closed in its 18-year history.
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