LGI Homes, Inc. Announces Record December, Fourth Quarter, and Year End 2018 Home Closings and 2018 Year End Earnings Confere...
05 January 2019 - 11:01AM
LGI Homes, Inc. (Nasdaq:LGIH) today announced an all-time
record for home closings during a single month with 884 homes
closed in December 2018, representing year-over-year growth of
14.8%. In addition, the Company announced record-breaking quarterly
home closings of 1,852 during the fourth quarter of 2018 compared
to 1,844 home closings in the fourth quarter of 2017. The Company
had 6,512 home closings in 2018 surpassing its previous annual
record of 5,845 home closings in 2017 by 11.4%.
As of the end of December 2018, the Company had 88 active
selling communities.
“We are extremely pleased with the results of 2018 and our
record setting performance,” said Eric Lipar, LGI Homes Chairman
and CEO. “We continue to see strong demand for homeownership in our
markets and maintain a positive outlook for 2019. Assuming that
general economic conditions, including interest rates and mortgage
availability, in 2019 are similar to those in the fourth quarter of
2018, we believe we will close between 6,900 and 7,800 homes in
2019 and end the year with between 105 and 115 active
communities.”
The Company expects to release financial results for fourth
quarter 2018 and the fiscal year ended December 31, 2018 before the
market opens on Tuesday, February 26, 2019. The Company expects to
hold a conference call for investors and other interested parties
on Tuesday, February 26, 2019 at 12:30 p.m. Eastern Time to discuss
the results and will provide additional 2019 guidance at that
time.
A link to the live audio webcast will be provided through the
Investors section of the Company's website
at www.LGIHomes.com under Events and Presentations. The
call can also be accessed by dialing (855) 433-0929 for domestic
participants or (970) 315-0256 for international participants.
Participants should ask for the LGI Homes 2018 Fourth Quarter
Earnings Conference Call or reference Conference ID 3055219. Those
dialing in should do so at least ten minutes prior to the start of
the call.
An archive of the webcast will be available for replay on the
Company's website for 12 months.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages
in the design, construction and sale of homes in Texas, Arizona,
Florida, Georgia, New Mexico, Colorado, North Carolina, South
Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama,
California, Oregon and Nevada. The Company has a notable legacy of
more than 15 years of homebuilding operations, over which time it
has closed over 28,000 homes. For more information about the
Company and its new home developments please visit the Company's
website at www.LGIHomes.com.
Forward-Looking Statements
Subject to the caveats in this Forward-Looking Statements
section of this press release, the Company believes it will have
between 105 and 115 active selling communities at the end of 2019
and close between 6,900 and 7,800 in 2019. This outlook
assumes that general economic conditions, including interest rates
and mortgage availability, and average home sales price,
construction costs, availability of land, land development costs
and overall absorption rates in 2019 are similar to those in the
fourth quarter of 2018.
Any statements made in this press release that are not
statements of historical fact, including statements about the
Company's beliefs and expectations for 2019 home closings and 2019
end of year active communities, are forward-looking statements
within the meaning of the federal securities laws, and should be
evaluated as such. For more information concerning factors that
could cause actual results to differ materially from those
contained in the forward-looking statements please refer to the
“Risk Factors” section in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2017 filed by the Company
with the Securities and Exchange Commission ("SEC") on
February 27, 2018, including the “Cautionary Statement about
Forward-Looking Statements” subsection within the “Risk Factors”
section, and subsequent filings by the Company with the SEC. The
Company bases these forward-looking statements on its current
expectations, plans and assumptions that it has made in light of
its experience in the industry, as well as its perceptions of
historical trends, current conditions, expected future developments
and other factors it believes are appropriate under the
circumstances and at such time. As you read and consider this press
release, you should understand that these statements are not
guarantees of future performance or results. The forward-looking
statements are subject to and involve risks, uncertainties and
assumptions and you should not place undue reliance on these
forward-looking statements. Although the Company believes that
these forward-looking statements are based on reasonable
assumptions at the time they are made, you should be aware that
many factors could affect the Company’s actual results to differ
materially from those expressed in the forward-looking statements.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. If the Company does update one or more
forward-looking statements, there should be no inference that it
will make additional updates with respect to those or other
forward-looking statements.
CONTACT: Investor RelationsCaitlin Stiles, (281)
210-2619InvestorRelations@LGIHomes.com
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