Lgi homes reports third quarter 2023 results and updates full year 2023 guidance

The woodlands, texas, oct. 31, 2023 (globe newswire) -- lgi homes, inc. (nasdaq: lgih) today announced financial results for the third quarter and nine months ended september 30, 2023. third quarter 2023 highlights net income of $67.0 million, or $2.85 basic eps and $2.84 diluted eps net income before income taxes of $89.4 million home sales revenues of $617.5 million home closings of 1,751 average sales price per home closed of $352,678 gross margin as a percentage of homes sales revenues of 25.7% adjusted gross margin* as a percentage of home sales revenues of 27.2% nine months ended september 30, 2023 highlights net income of $147.1 million, or $6.24 basic eps and $6.21 diluted eps net income before income taxes of $193.2 million home sales revenues of $1.8 billion home closings of 4,971 average sales price per home closed of $352,075 gross margin as a percentage of homes sales revenues of 22.8% adjusted gross margin* as a percentage of home sales revenues of 24.5%   active selling communities at september 30, 2023 of 106 net orders of 5,646 ending backlog at september 30, 2023 of 1,377 homes valued at $509.9 million total owned and controlled lots at september 30, 2023 of 72,109 *non-gaap please see “ non-gaap measures ” for a reconciliation of adjusted gross margin (a non-gaap measure) to gross margin, the most directly comparable gaap measure.
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