LGI Homes, Inc. Reports March and First Quarter 2020 Home Closings and 2020 First Quarter Earnings Conference Call
April 03 2020 - 5:45PM
LGI Homes, Inc. (Nasdaq:LGIH) today announced 795 homes closed in
March 2020, up from 566 home closings in March 2019, representing
year-over-year growth of 40.5%. In addition, the Company announced
record-breaking quarterly home closings of 1,835 during the first
quarter of 2020 compared to 1,228 home closings in the first
quarter of 2019, a 49.4% increase year-over-year. The Company
reported 199 wholesale closings in the first quarter of 2020,
representing 10.8% of the home closing results for the quarter.
As of the end of March 2020, the Company had 113
active selling communities.
“At LGI Homes, we are driven by our commitment
to our customers and our desire to make dreams of homeownership
come true. We are pleased that our business of fulfilling those
dreams and providing shelter has been appropriately recognized as
an essential business by the vast majority of the states and
municipalities in which we operate,” said Eric Lipar, the Company’s
Chief Executive Officer. “With the health and welfare of our
employees, customers, trade partners and their families as our
highest priority, we are proud to announce outstanding home closing
results for the month of March and a record-breaking first
quarter.”
“As we continue to navigate these times and the
rapidly evolving impact of COVID-19, we are taking action to adjust
our day-to-day operations to safeguard the health and safety of
everyone. Our information centers remain open and in compliance
with federal, state and local regulations. As we continue to close
homes, we remain focused on providing exceptional customer service
and managing our cash and balance sheet effectively.”
Lipar concluded, “At LGI Homes, our team and our
business are built to withstand changing market conditions and
challenging environments. We are closely monitoring the situation
and expect to address the impact of COVID-19 and our 2020 guidance
on our May 5, 2020 conference call discussing our financial results
for the first quarter.”
The Company expects to release financial results
for the first quarter ended March 31, 2020 before the market opens
on Tuesday, May 5, 2020. The Company expects to hold a conference
call for investors and other interested parties on Tuesday, May 5,
2020 at 12:30 p.m. Eastern 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 2020 First Quarter
Earnings Conference Call or reference Conference ID 8699695. 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 17 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
Any statements made in this press release that
are not statements of historical fact 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, 2019 filed by the
Company with the Securities and Exchange
Commission ("SEC") on February 25, 2020, 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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