The following is a summary of the LGI Homes, Inc. (LGIH) Q1 2024 Earnings Call Transcript:
Financial Performance:
LGI Homes reported total revenue of $391 million from the sale of 1,083 homes in Q1.
The net income for the quarter was $17.1 million, translating into $0.72 per basic and diluted share.
The gross margin for Q1 was up by 310 basis points from last year to 23.4%.
Despite anticipating increased costs due to labor, material, and development expenses, the company successfully managed costs and maintained margins.
Business Progress:
LGI Homes experienced robust sales trends in Q1, indicating a healthy demand backed by demographic trends and a limited supply of affordable homes.
An increase in the number of leads and accelerated sales marked Q1, despite a slower beginning in closings.
The company ended Q1 with a strong backlog of 1,335 homes, positioning it favorably for Q2.
The company plans on increasing investments in new communities, expecting to be active in around 150 communities by the end of the year.
More details: LGI Homes IR
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