LGI Homes (NASDAQ: LGIH) reported Q3 EPS of $2.96, $0.43 better than the analyst estimate of $2.53. Revenue for the quarter came in at $651.9 million versus the consensus estimate of $642.14 million.

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 providing the following updates to its guidance for the full year 2024. The Company now expects:

Home closings between 6,100 and 6,400
Active selling communities at the end of 2024 of approximately 150
Average sales price per home closed between $360,000 and $370,000
Gross margin as a percentage of home sales revenues between 24.0% and 25.0%
Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between 26.0% and 27.0% 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 14.0% and 14.5%
Effective tax rate of approximately 24.5%

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