LGI Homes (NASDAQ: LGIH) reported Q1 EPS of $3.25, $0.53 better than the analyst estimate of $2.72. Revenue for the quarter came in at $546.05 million versus the consensus estimate of $523.98 million.

• Home Closings decreased 37.6% to 1,599 homes closed
• Average Sales Price increased 23.9% to $341,495
• Ending backlog of 2,429 homes at March 31, 2022

GUIDANCE:

Subject to the caveats in the Forward-Looking Statements section of this press release, the Company updates its prior full year 2022 guidance. The Company now believes that its average sales price per home closed will be between $335,000 and $350,000, its gross margin as a percentage of home sales revenues will be between 27.0% and 29.0% and its adjusted gross margin (non-GAAP) as a percentage of home sales revenues will be between 28.5% and 30.5% with capitalized interest accounting for substantially all the difference between gross margin and adjusted gross margin as a percentage of home sales revenues.

For earnings history and earnings-related data on LGI Homes (LGIH) click here.