Homebuilder LGI Homes, Inc. (NASDAQ: LGIH) reported robust financial results for the third quarter of 2024, driven by higher revenues, improved pricing, and operational efficiency. The company's performance surpassed analysts' expectations, prompting it to raise its full-year guidance.
LGI Homes' revenue for the quarter rose 5.6% year-over-year to $651.9 million, exceeding analyst estimates of $646.5 million. The company closed 1,757 homes during the quarter, a slight increase of 0.3% from the prior year, with an average sales price of $371,004, up 5.2% year-over-year.
The company's net income for the quarter climbed 3.8% to $69.6 million, or $2.95 per diluted share, surpassing analyst expectations of $2.54 per share. LGI Homes' gross margin remained stable at 25.1%, while its adjusted gross margin of 27.2% exceeded its full-year guidance range.
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