By Denny Jacob
LGI Homes posted lower-than-expected revenue as fewer homes closed in its fourth quarter, while its outlook hinted at continued affordability challenges that have dogged the housing market in recent years.
The Woodlands, Texas, home builder logged net income of $50.9 million, or $2.15 a share, compared to $52.1 million, or $2.19 a share, in the prior-year period. Analysts polled by FactSet expected $2.21 a share.
Revenue declined to $557.4 million from $608.4 million. Analysts polled by FactSet expected $588.6 million.
Home closings in the quarter decreased nearly 13% to 1,533 homes, though the average sales price per home closed rose 5.1% to $363,598.
For 2025, LGI forecast home closings between 6,200 and 7,000 and an average sales price per home closed between $360,000 and $370,000.
"Our near-term outlook for 2025 is tempered by our belief that the affordability challenges encountered in 2024 will continue into this year," said Chief Executive Eric Lipar. "We will continue to lean into incentives while maintaining profitability metrics in-line with our historical averages."
Shares ticked down 3.7% to $73.15 in premarket trading. The stock is down 32% over the last year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 25, 2025 08:20 ET (13:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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