LGI Homes posts record closings

LGI Homes recorded a record third quarter due to continued demand for low-cost homes and low interest rates, with a year-on-year closure of 25{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} and sales up 27{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}.

Chairman Eric Lipar and Eric Lipar said Tuesday that the quarter was underlined by the results of the record of home sales revenue, average home sales price, number of communities and net income, in addition to the last 2,003 home closures. . .

Related: LGI Upgrades New House Deadline

The company recorded third-quarter revenue of $ 431 million, up $ 1,277 million from the third quarter of 2018. Net income was $ 473 million, or $ 1.93 per share, compared with $ 337.7 million last year ($ 1.5 million).

Increased mainly due to geographical expansion. At the end of the quarter, the company was sold in 103 regions, from 81 last year to 103. Q4 average sales price rose 1.5{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} to $ 241,179.

LGI expects to close 7,600 homes in 2019 with an average selling price between $ 235,000 and $ 240,000.

The company said gross margin as a percentage of gross sales was 24.1 percent, down 25.6 percent from last year.

Headquartered in The Woodlands, LGI builds homes across the US for first-time buyers.