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, 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.
LGI Homes (NASDAQ: LGIH) reported strong performance with 811 home closings in September 2020, up 24.0% from 654 in September 2019. This growth contributes to a record 2,091 quarterly closings for Q3 2020, a 4.4% year-over-year increase. The total for the first nine months stands at 5,931 closings, a 14.6% rise compared to 5,175 in the same period last year. The company operates 110 active selling communities. Financial results for Q3 will be announced on November 3, 2020.
LGI Homes (NASDAQ: LGIH) expects to close approximately 810 homes in September 2020, marking a significant increase from 654 home closings in September 2019. This performance represents LGI's best September on record and the third best month in the company's history. The increase is attributed to strong market demand, driven by low interest rates and a preference for single-family homes. The company’s focus on affordable, move-in ready homes positions it well in the current market.
LGI Homes (Nasdaq: LGIH) has announced the grand opening of two new communities in the greater Portland area: Riverside Estates in La Center and 5th Plain Creek Station in Vancouver. Riverside Estates will include 190 single-family homes priced from the $360s, featuring sizes from 1,300 to over 2,300 square feet. 5th Plain Creek Station offers both upgraded townhomes and single-family homes starting in the $320s. Both communities provide desirable amenities and are strategically located for convenient access to major employers and local attractions.
LGI Homes (NASDAQ: LGIH) has launched its new community, Homestead Estates, in Elgin, Texas, offering homes starting in the $210s. The community features a park, playground, volleyball court, and soccer field, with open green areas and walking trails. Homes range from 1,525 to over 2,500 square feet and include the CompleteHome™ package, featuring energy-efficient appliances and finishes. Positioned near downtown Austin and major employers, this development aims to provide affordable, high-quality housing for buyers.
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