The following is a summary of the Tri Pointe Homes, Inc. (TPH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tri Pointe Homes reported revenue from home sales of $918 million, a 20% increase from the previous year.

• They delivered 1,393 homes at an average sales price of $659,000.

• The gross margins from home sales were 23%, positively impacted by lower incentives.

• SG&A expense as a percentage of revenue decreased to 11.1%, a 40 basis point improvement from the previous year.

• Reported a net income of $99 million and earnings per share of $1.03, marking a 41% improvement over the previous year.

• The company ended Q1 with $944 million in cash and generated $145 million of positive cash flow from operations.

Business Progress:

• Tri Pointe Homes recorded 1,814 net new orders, reflecting 12% growth from the prior year.

• The company strategically shifted towards a higher percentage of spec starts to meet the prevailing housing supply-demand gap.

• Expansion of its brand to Salt Lake City, Coastal Carolinas, and Orlando, with first deliveries expected in 2026.

• Tri Pointe's full year guidance for deliveries, ASP, and gross margin percentages have been raised following a strong Q1 performance.

• Assurance of managing increased land costs with current pricing power, and no anticipated impact on the margin.

• Repurchased 1.4 million shares during the quarter, spending $50 million as part of a share repurchase program.

More details: Tri Pointe Homes IR

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