Earnings released:
http://investor.lgihomes.com/releasedetail.cfm?ReleaseID=103…
In summary:
• Net Income increased 55.9% to $32.2 million, or $1.49 Basic EPS and $1.39 Diluted EPS
• Net Income Before Income Taxes increased 54.9% to $48.6 million
• Home Sales Revenues increased 45.6% to $324.2 million
• Home Closings increased 34.0% to 1,511 homes
• Average Home Sales Price increased 8.7% to $214,545
• Gross Margin as a Percentage of Homes Sales Revenues was 26.6% as compared to 26.5%
• Adjusted Gross Margin (non-GAAP) as a Percentage of Home Sales Revenues was 28.0% as compared to 27.8%
• Ending backlog increased 74.2% to 1,545 units
• Active Selling Communities at June 30, 2017 increased to 71 from 56
• 32,689 Total Owned and Controlled Lots at June 30, 2017
Also:
For the full year 2017, we now anticipate to close more than 5,000 homes. In addition, we are raising the range of our full year EPS guidance to $4.25 to $4.75 per basic share.
Satisfying after so much skepticism that management could not back up their claims through the winter and spring months. Though I am no2 concerned that euphoria could get so high any small setback could have skeptics coming out of dark corners and drag the stock back down.