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) celebrated its annual Service Impact Day on May 9, 2024, a day dedicated to volunteerism and charitable giving. Employees contributed over 9,000 volunteer hours working with 73 non-profit organizations nationwide. This initiative is part of LGI Giving, which aims to donate up to $500,000 in 2024 to support local charities. CEO Eric Lipar highlighted the event as a significant and rewarding day, emphasizing the company's core values and community impact. Service Impact Day showcases LGI Homes' commitment to social responsibility and employee engagement.
LGI Homes announced the grand opening of Cambridge Cove, a new single-family home community in Cambridge, Minnesota. This community introduces five new home plans to the Minneapolis market. Located off MN-65, Cambridge Cove offers convenient commuter access and is surrounded by local amenities. Homes in this community feature over $20,000 in upgrades, including modern designer finishes and energy-saving features. Prices start from the $290s, with quick move-in opportunities available. The information center is open daily for prospective homebuyers.
LGI Homes (NASDAQ: LGIH) announced the opening of Northgate, a new community in Riverside, CA. Located in Indio's Coachella Valley, Northgate offers one and two-story homes with up to four bedrooms and three bathrooms. Each home includes LGI's CompleteHome™ interior package, featuring energy-efficient Whirlpool® appliances, granite countertops, designer wood cabinets, and luxury vinyl plank flooring. Additional eco-friendly features include programmable thermostats, double-pane Low-E vinyl windows, and solar panels. Priced from the $490s, Northgate provides easy access to shopping, dining, and entertainment. The community also includes an onsite park, playground, and gated entrances for added privacy. For more information, visit LGIHomes.com/Northgate or call (888) 698-7175 ext 365.
LGI Homes, Inc. (NASDAQ: LGIH) has announced the opening of its second community in the Modesto, California, market, Diamond Bar East. The new community offers a variety of homes ranging from 1,104 to over 2,200 square feet, with three to five bedrooms and two to three baths. The homes come with luxury upgrades, solar panels, and open-concept layouts. Located in Riverbank, near Modesto, Diamond Bar East provides quick access to amenities, parks, schools, and employment opportunities. With homes starting from the $470s, this community is ideal for homebuyers seeking quality, new homes at an affordable price.
LGI Homes, Inc. (NASDAQ: LGIH) has opened a new section at Morningstar Ranch, offering single-story homes in Bakersfield. The community is near downtown and amenities, with homes starting in the $440s. LGI Homes is known for its quality construction and customer service, having sold over 65,000 homes since 2003.
LGI Homes, Inc. reported closing 505 homes in April 2024 with 127 active selling communities as of April 30, 2024.
LGI Homes, Inc. (NASDAQ: LGIH) has opened a new community called The Village at Whiskey Ridge in Marysville, Washington. The community offers affordable townhomes with family-friendly amenities, close to major employment centers and attractions. LGI Homes has sold over 20 homes since the opening in February, with prices starting at $560,000 for three- and four-bedroom homes. The townhomes feature modern kitchens, private owner retreats, and energy-saving features. The community is commuter-friendly, with convenient access to employers in Everett and downtown Seattle.
LGI Homes, Inc. (NASDAQ: LGIH) has launched Heritage Gardens in Tacoma, Washington, offering affordable new construction homes with eco-friendly features. The community provides a variety of townhome and single-family options, with spacious floor plans and modern amenities. LGI Homes is the first to introduce 'Built Green' certified homes in Tacoma, focusing on energy efficiency and eco-friendly living. The homes include designer-selected features like Whirlpool® appliances, granite countertops, and energy-saving upgrades. Heritage Gardens residents have access to a neighborhood park, community garden, and nearby entertainment venues. Homes start from the $420s, showcasing a commitment to quality and sustainability.
LGI Homes, Inc. reported strong financial results for Q1 2024, with home sales revenues of $390.9 million, gross margin of 23.4%, and net income of $17.1 million. The company repurchased 89,227 shares of common stock and had total liquidity of $491.5 million. LGI Homes experienced positive lead and sales trends, expanded communities, and maintained margins during the quarter. With a record 120 active communities and strong demand, the company is well-positioned to meet its guidance expectations for 2024.
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