Reports Q3 revenue $651.86M, consensus $646.46M. “Our strong third quarter financial results reflect our focus on operational excellence and a commitment to maximize our profitability,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes (LGIH). “In the third quarter, we delivered 1,757 homes at an average sales price of $371,004, resulting in a 5.6% increase in revenue to $651.9 million. Our community count was 138 at the end of the third quarter, a 30.2% year-over-year increase, keeping us on pace to achieve our goal of approximately 150 communities by year-end. Our disciplined approach to pricing and incentives enabled us to deliver a gross margin of 25.1% and an adjusted gross margin of 27.2%. Both of these results represented sequential increases, exceeded the range of our full year 2024 guidance, and were aligned with our pre-pandemic, historical levels. Finally, pre-tax net income margin in the third quarter was 14.1%, an increase of 130 basis points sequentially and significantly higher than our pre-pandemic average of 12.8%.”
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