LGI Homes, Inc. Announces Record December, Fourth Quarter, and Year End 2019 Home Closings and 2019 Year End Earnings Confere...
07 January 2020 - 11:45AM
LGI Homes, Inc. (Nasdaq:LGIH) today announced an all-time record
for home closings during a single month with 1,052 homes closed
in December 2019, representing year-over-year growth of 19.0%.
In addition, the Company announced record-breaking quarterly home
closings of 2,515 during the fourth quarter of 2019 compared to
1,852 home closings in the fourth quarter of 2018, a 35.8% increase
year-over-year. The Company had 7,690 home closings in 2019
surpassing its previous annual record of 6,512 home closings in
2018 by 18.1%.
“We are extremely pleased with the results of
2019,” said Eric Lipar, the Company’s Chief Executive Officer and
Chairman of the Board. “This year’s record setting performance is
highlighted by an outstanding 7,690 home closings. Additional
highlights include 20% growth in community count, along with the
entry into several new markets and strong performance from our
wholesale division.”
“The fourth quarter ended with record-breaking
home closings of 2,515 homes of which our wholesale division closed
approximately 14%. We ended the fourth quarter with 344 wholesale
closings and 583 wholesale closings for the year.”
As of the end of December 2019, the Company had
106 active selling communities.
“As we start the new year, we maintain our
positive outlook on the future. We are continuing to see
strong demand for homeownership in our markets and assuming that
general economic conditions, including interest rates and mortgage
availability, in 2020 are similar to those in the fourth quarter of
2019, we believe we will close between 8,400 and 9,400 homes in
2020 and end the year between 120 and 130 active communities,”
Lipar concluded.
The Company expects to release financial results
for fourth quarter 2019 and the fiscal year ended December 31, 2019
before the market opens on Tuesday, February 25, 2020. The Company
expects to hold a conference call for investors and other
interested parties on Tuesday, February 25, 2020 at 12:30 p.m.
Eastern Time to discuss the results and will provide additional
2020 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 2019 Fourth Quarter
Earnings Conference Call or reference Conference ID 5670736. 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, Nevada, West Virginia and
Virginia. Recently recognized as the 10th largest residential
builder in America, based on units closed, the Company has a
notable legacy of more than 16 years of homebuilding operations,
over which time it has closed more than 35,000 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 120 and 130 active selling communities at the end
of 2020 and close between 8,400 and 9,400 homes in 2020. 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 2020 are similar to those in
the fourth quarter of 2019.
Any statements made in this press release that
are not statements of historical fact, including statements about
the Company's beliefs and expectations for 2020 home closings and
2020 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, 2018 filed by the Company
with the Securities and Exchange Commission ("SEC") on
February 26, 2019, 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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