Nope, don’t know what they were. But I have added in anticipation of the announcement. Expected it yesterday.
KC
Interesting that they have not announced yet. It looks like the reported February’s closings on March 3. Maybe because February was a shorter month, they had less to count? 
Announced 365 homes closed for March.
“On track to close more than 4700 homes in 2017”. That a lot of catch up to do for the next 3Qs
nomb
Long
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Announced 365 homes closed for March.
“On track to close more than 4700 homes in 2017”. That a lot of catch up to do for the next 3Qs
Is it possible that, with all of the new communities LGIH has opened since the beginning of the year, it is, in fact, still on track to close more than 4700 homes?
I’d be curious to hear Saul’s thoughts…after the February closings were announced, I recall he said he would probably hang in there (paraphrasing) after hearing the number of closings for March and April. Personally, I am not inclined to sell any of my shares at this juncture. But I am curious as to what others are thinking.
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That’s below their guidance of 375 to 425 homes closed in March.
I was wondering why the hit on the stock price.
This will put a short term ceiling on the stock price as now everyone is going to want to see
the April numbers.
Patiently watching this play out.
Chris
Announced 365 homes closed for March.
“On track to close more than 4700 homes in 2017”. That a lot of catch up to do for the next 3Qs
That’s what I thought, too (some serious catch up to hit 4700). I’m long LGIH and will continue holding because management has seemed to me to have a pretty good grasp on their business, and that business does not seem overvalued by any means.
That said, they closed 365 homes in March compared to 367 a year ago. The first quarter has closed 761 homes vs 844 a year ago (down 10%). They must see some strong trends if they’re still thinking 4700 homes are doable this year. That means an average of 438 homes for each of the next 9 months.
Here’s what they had to say in the release:
“Although closings for the first quarter are down year over year, sales continue to be strong and demand for homeownership remains solid,” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “Assuming that general economic conditions, including interest rates and mortgage availability, in the remainder of 2017 are similar to those in the first quarter of 2017, we believe we are on track to close more than 4,700 homes in 2017.”
Bolding is mine, and they still have the same disclaimer in there, although I think last time they said they “expect” to close 4700 vs this time saying they “believe” they’re on track, not as strong of sentiment in my mind.
Mike
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Bolding is mine, and they still have the same disclaimer in there, although I think last time they said they “expect” to close 4700 vs this time saying they “believe” they’re on track, not as strong of sentiment in my mind.
The problem with dissecting each word of a management’s statement is that everyone starts looking for a life preserver as they prepare to jump ship before the next guy does. Everyone appears to be looking for a floating lifeboat bobbing in the water and many have forgotten that this was supposed to be a safe growing investment to provide for their future.
b&w
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The problem with dissecting each word of a management’s statement is that everyone starts looking for a life preserver as they prepare to jump ship before the next guy does. Everyone appears to be looking for a floating lifeboat bobbing in the water and many have forgotten that this was supposed to be a safe growing investment to provide for their future
I’m not clear on what your point is: are you basically saying relax, it’s still a good investment, or that those of us who thought this was a safe growing investment were wrong?
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Hi AZ5:
I’m not clear on what your point is: are you basically saying relax, it’s still a good investment, or that those of us who thought this was a safe growing investment were wrong?
It all depends on what each individual who owns shares believes. Does 4700 sales make it a safe investment? and does 4699 sales make it an unsafe investment? And how clear is that answer in each person’s mind? Where is the dividing line?
What I think doesn’t mean anything. The perception of the investor that is weighing each and every word that management says are currently driving the stock price. There is no support from a dividend to ease concerns, so investors at this point only have the ability of the company to reach the “4700 Sales in 2017” to be their guide.
b&w
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I was about 11% allocated to LGIH due to gains and I sold today. Maybe it was too early
but I'm ok with that. If management is correct in their "belief" that they will hit 4700
I'm sure another buying opportunity will come around or maybe not and I'm ok with that too.
First quarter closings are the slow season for the last two years with q1 2015 at roughly
19% of yearly closings and q1 2016 at roughly 20% of yearly. If that trend is to hold
for 2017 closings will be well short of 4700. I'm not certain increases in sale price
will be making up for the reduced volume and think the next earnings release could be a
rough one.
2015 closings 671 853 934 946 = 3404
2016 closings 844 1128 1052 1139 = 4163
2017 closings 761
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