LGI Homes Reaffirms Its Fiscal 2024 Guidance: Expects Home Closings Of 7,000-8,000, And Adjusted Gross Margin As Percentage Of Home Sales Revenues Of 25% And 26%

Author: Benzinga Newsdesk | April 30, 2024 07:40am

Full Year 2024 Outlook

Subject to the caveats in the Forward-Looking Statements section of this press release and the assumptions noted below, the Company is maintaining its prior guidance for the full year 2024. The Company continues to expect:

• Home closings between 7,000 and 8,000
• Active selling communities at the end of 2024 of approximately 150
• Average sales price per home closed between $350,000 and $360,000
• Gross margin as a percentage of home sales revenues between 23.1% and 24.1%
• Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between 25.0% and 26.0% with capitalized interest accounting for substantially all of the difference between gross margin and adjusted gross margin
• SG&A as a percentage of home sales revenues between 12.5% and 13.5%
• Effective tax rate between 24.0% and 25.0%

Posted In: LGIH