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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