Landsea Homes Corporation - LSEA STOCK NEWS

Landsea Homes (Nasdaq: LSEA) announced the pricing of a public secondary offering of 6,086,957 shares of common stock by selling stockholders Landsea Holdings and Ever Fast Holdings The shares are priced at $10.25 per share, generating gross proceeds of approximately $62.4 million for the selling stockholders.

The selling stockholders have granted underwriters a 30-day option to purchase up to an additional 913,043 shares. B. Riley Securities is acting as sole bookrunning manager, with Wedbush Securities and Zions Capital Markets as co-managers. The offering is expected to close around December 9, 2024. Notably, Landsea Homes itself is not selling any shares in this offering.

Landsea Homes (LSEA) has announced a proposed secondary offering of 5,043,480 shares of common stock by selling stockholders. The underwriters will have a 30-day option to purchase up to an additional 756,520 shares. The company itself is not selling any shares in this offering.

B. Riley Securities is acting as the sole bookrunning manager, while Wedbush Securities and Zions Capital Markets are serving as co-managers. The offering will be made through a shelf registration statement on Form S-3 that has been filed and declared effective by the SEC.

Landsea Homes has signed a 14,725-square-foot long-term lease at Tower 1320 in Irving, Texas, for its Dallas-Fort Worth division headquarters. The space, expected to be ready in Spring 2025, will include a 3,000-square-foot in-house design studio and showroom. The location offers numerous amenities including a fitness room, café with Starbucks, game room, and conference facility. The building is strategically positioned near Las Colinas' 28-acre development with restaurant and retail space, and is accessible via highways and DART. The new headquarters will serve the growing division while providing convenient access to the company's communities and important employment bases.

Landsea Homes (NASDAQ: LSEA) has announced its participation in the 16th Annual Southwest IDEAS Investor Conference in Dallas, Texas. The company's presentation is scheduled for Thursday, November 21, 2024, at 11:30 AM local time (12:30 ET) at The Statler. The presentation will be accessible via webcast through both the conference website and Landsea's investor relations portal. A replay will remain available for 90 days after the event on the company's website.

Landsea Homes reported strong Q3 2024 results with net income up 29% to $11.1 million, or $0.30 per share. Home sales revenue increased 26.2% to $325.6 million, with new home deliveries up 40% to 629 homes. The company achieved a home sales gross margin of 17.1% and adjusted gross margin of 22.8%. Net new home orders increased 28.8% to 626 units. Total revenue rose 22% to $338.5 million, though average selling price decreased 10% to $518,000. The company maintains a strong liquidity position of $263.0 million and expects full-year 2024 deliveries between 2,890 to 3,000 homes.

Landsea Homes (Nasdaq: LSEA) is expanding its presence in Kyle, Texas with a new community called Parkton Square. The development will feature 210 new high-performance homes, including single-family homes and attached townhomes. Located less than two miles from another Landsea Homes community, Freedom at Anthem, Parkton Square offers a convenient alternative to living in Austin.

The single-family homes will range from 1,400 to 2,900 square feet with 3-5 bedrooms, while townhomes will be 1,492 to 1,590 square feet with 3 bedrooms. All homes will be equipped with Landsea Homes' High Performance Home features, including smart home automation technology and the REME HALO® air purifier. Construction on three model homes will begin in early 2025, with sales expected to start around the same time.

Kyle, known as the "Pie Capital of Texas," is one of the fastest-growing affordable suburbs in the country, with a 23.7% growth rate since 2020. The community will offer easy access to parks, downtown Kyle, and higher education opportunities.

Landsea Homes (Nasdaq: LSEA) has announced its schedule for the release of third quarter 2024 earnings and the subsequent conference call. The company will disclose its Q3 2024 results before the market opens on Monday, November 4, 2024. Following this, Landsea Homes will host a conference call at 10:00 AM Eastern Time on the same day to discuss the financial results and conduct a Q&A session.

For those interested in participating, the toll-free dial-in number is 800-274-8461, while the international dial-in number is 203-518-9814. A replay will be available using the toll-free number 844-512-2921 or the international number 412-317-6671, with the replay ID 11157369. Additionally, the conference call will be broadcast live and available for replay on the Landsea Homes website's Investors section at https://ir.landseahomes.com/.

Landsea Homes (Nasdaq: LSEA) has closed on 124 homesites for two new communities in Central Florida. Brack Ranch in St. Cloud will include 14 single-family homes in its first phase, with a total of 138 homes at full buildout. Trinity Gardens in DeLand will offer 110 homes in its first phase. Both communities will feature Landsea's High Performance Homes with smart home automation technology and the REME HALO® air purifier.

Development is underway, with homes expected to begin selling in Summer 2025. These expansions aim to meet high housing demand in Volusia and Osceola counties. The locations offer proximity to Orlando, Daytona, and major attractions like Walt Disney World® Resort.

Landsea Homes (LSEA) reported strong Q2 2024 results with home sales revenue increasing 43.5% to $418.2 million. The company delivered 760 new homes, up 41% year-over-year, at an average sales price of $550,000. Net new home orders increased 34.5% to 760 units. Landsea Homes reported net income of $2.9 million or $0.08 per share, and adjusted net income of $13.3 million or $0.36 per share, a 9% increase from the previous year. Home sales gross margin was 14.9%, while adjusted gross margin reached 21.1%. The company's book value per share stood at $17.94. Landsea Homes maintains a strong liquidity position with $330.2 million available, including cash and credit facility.