LGI Homes, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 20, 2024 at 07:00 am EST
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LGI Homes, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net income was USD 52.09 million compared to USD 34.12 million a year ago. Basic earnings per share from continuing operations was USD 2.21 compared to USD 1.46 a year ago. Diluted earnings per share from continuing operations was USD 2.19 compared to USD 1.45 a year ago.
For the full year, net income was USD 199.23 million compared to USD 326.57 million a year ago. Basic earnings per share from continuing operations was USD 8.48 compared to USD 13.9 a year ago. Diluted earnings per share from continuing operations was USD 8.42 compared to USD 13.76 a year ago.
LGI Homes, Inc. is focused on the homebuilding industry. The Company designs, constructs and sells homes across approximately 36 markets in 21 states. The Company offers multiple product lines, including attached and detached entry-level homes and active adult offerings that are marketed and sold under its LGI Homes brand and luxury homes that are marketed and sold under its Terrata Homes brand. Its homebuilding operations are organized and managed by seven operating segments: West, Northwest, Central, Midwest, Florida, Southeast and Mid-Atlantic. The Company offers an attached townhome product in certain markets. The Company's CompleteHome and CompleteHome Plus packages offers buyers move-in ready homes. Each of these packages includes preselected, upgraded features, including stainless steel appliances, cabinets and others. Its wholesale business builds and sells homes primarily to institutions interested in acquiring single-family rental properties through bulk sales agreements.