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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