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 launched a new housing community named Pinewood Trails in the greater Houston area. The community will feature 974 single-family homes priced from the $190,000s, designed with LGI's CompleteHome™ package. Homes range from 1,400 to 2,600 square feet, with up to five bedrooms. Pinewood Trails will also include amenities like a 4-acre park and proximity to major highways, enhancing accessibility for residents. Tours of the community’s information center are available by appointment, adhering to health guidelines.
LGI Homes is excited to announce the opening of its new community, La Madre, in Las Vegas, featuring innovative floor plans ranging from 1,280 to 2,200 square feet. This development offers high-quality homes with modern amenities at prices starting in the $290s. Residents will enjoy proximity to the Las Vegas Strip alongside a family-friendly atmosphere, complete with community features like playgrounds and picnic areas. The La Madre information center is open for tours by appointment, adhering to safety guidelines.
LGI Homes has announced the launch of a new community, Hightop Ridge, in Converse, Texas, aimed at enhancing its foothold in the San Antonio market. Homes start in the $240s and offer various layouts, from 1,414 to over 2,500 square feet, featuring upgraded amenities such as granite countertops and ENERGY STAR appliances. Located near major highways, the community promises family-friendly amenities including parks and playgrounds. Quick move-in options are available, and the development aligns with LGI's strategy to meet growing housing demand in Texas.
LGI Homes, Inc. (NASDAQ: LGIH) reported 818 home closings in October 2020, marking a 14.4% increase from 715 closings in October 2019. For the first ten months of 2020, home closings reached 6,749, up 14.6% from 5,890 in the same period of 2019. The company currently operates 111 active selling communities. LGI Homes has been recognized as the 10th largest residential builder in the U.S. since 2018 and boasts over 40,000 homes closed in its 17-year history.
LGI Homes reported significant financial growth in Q3 2020, with a 80.4% increase in net income to $89.0 million or $3.55 per share. Home sales revenues rose by 10.6% to $534.2 million, attributed to a 4.4% increase in home closings, totaling 2,091 homes. The average home sales price increased 5.9% to $255,477. Over nine months, net income increased 64.8% to $187.5 million. The company also expanded its stock repurchase program by $300 million, reflecting strong performance and cash flow.
LGI Homes has launched Windsor Estates, a new community in Houston, offering affordable townhomes starting from the $170s. Each of the 28 homes features approximately 1,800 sq. ft., three or four bedrooms, and includes modern amenities such as granite countertops and ENERGY STAR appliances. The location provides easy access to major employers and attractions in Houston. Quick move-in options and financing are available. LGI Homes has been ranked as the 10th largest residential builder in the U.S. based on closings.
LGI Homes has opened a new section at The Reserve at Canyon Hills in Charlotte, featuring six spacious floor plans ranging from 1,316 to 2,805 square feet. Homes include up to five bedrooms and two-and-a-half baths, with modern design elements such as open floor plans and professionally landscaped yards. Pricing starts from the $230s. The community offers amenities like a park and playground, and is conveniently located ten miles from downtown Charlotte. Tours are available by appointment, adhering to safety guidelines.
On October 16, 2020, LGI Homes (NASDAQ: LGIH) announced a $1.5 million special appreciation bonus to approximately 760 frontline employees for their dedication during the COVID-19 pandemic. Each eligible employee will receive a $2,000 cash bonus in recognition of their efforts. CEO Eric Lipar expressed gratitude for their commitment, highlighting that these workers enabled the company to provide homes for over 4,000 families since March. LGI Homes, one of the largest residential builders in the U.S., continues to demonstrate strong performance despite challenging conditions.
LGI Homes (NASDAQ: LGIH) is expanding its presence in the Dallas-Fort Worth area with three new communities: Princeton Crossroads, Oak Ridge, and Seagoville Farms. Princeton Crossroads will feature 331 homes with prices starting in the $250s, while Oak Ridge will offer additional homes and a community park. Seagoville Farms will comprise 371 homes ranging from 1,707 to over 2,500 square feet, with prices starting in the $230s. Each community provides modern amenities and convenient access to recreational areas.
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