LGI Homes, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting home sales revenues increased 5.6% year-over-year to $651.9 million. Home closings saw a slight increase of 0.3% to 1,757 homes, while the average sales price per home closed rose 5.2% to $371,004.
The company's gross margin as a percentage of home sales revenues decreased by 60 basis points to 25.1%, with adjusted gross margin at 27.2%. Pre-tax net income reached $91.9 million, representing a 14.1% margin, and diluted earnings per share were $2.95.
LGI Homes updated its full-year 2024 guidance, projecting home closings between 6,000 and 6,400, an average sales price between $360,000 and $370,000, and a gross margin between 23.7% and 24.7%. The company also expects to end the year with 145 to 155 active selling communities.
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