Landsea Homes Corporation ( (LSEA) ) has released its Q3 earnings. Here is a breakdown of the information Landsea Homes Corporation presented to its investors.
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Landsea Homes Corporation is a Dallas-based, publicly traded residential homebuilder known for designing and building sustainable, master-planned communities across various prime markets in the United States. The company focuses on high-performance homes that integrate modern living and sustainability. In the third quarter of 2024, Landsea Homes reported a significant increase in net income and adjusted net income, with respective rises of 29% and 36% compared to the previous year. Home sales revenue grew by 26.2%, reaching $325.6 million, and new home deliveries surged by 40% to 629 homes. The company also experienced an increase in net new home orders by 28.8%. Despite a decrease in the average selling price by 10%, the company maintained a robust adjusted home sales gross margin of 22.8%.
Key financial highlights include a pretax income of $14.9 million, a net income per share of $0.30, and an adjusted net income per share of $0.44. Adjusted EBITDA also saw a significant increase, reaching $37.7 million, up from $28.7 million in the previous year. Landsea Homes’ book value per share stood at $18.27, reflecting the company’s strong financial position. The company continues to pursue an asset-light strategy, controlling 56% of its lots, and ended the quarter with total liquidity of $263 million.
Looking ahead, Landsea Homes remains optimistic about its growth prospects, driven by strong housing fundamentals and its strategic positioning in high-growth markets. The company’s management plans to leverage its increased scale to secure better terms and pricing from trade partners and suppliers, aiming to enhance its competitive edge. With a focus on expanding its operations and capitalizing on a resilient market environment, Landsea Homes appears well-positioned to maintain its momentum into the coming year.
