LGI Homes, Inc. (Nasdaq:LGIH), The Woodlands, Tx., on Tuesday reported net Income of $19.5 million, or $0.92 Basic EPS and $0.86 Diluted EPS, for the third quarter ended Sept. 30. Analysts were looking for a gain of $0.85. The gain compares with net income of $15.4 million for the third quarter of 2015.
Home sales revenue for the third quarter of 2016 was $216.3 million, an increase of $42.3 million, or 24.3%, over the third quarter of 2015 as home closings increased 12.6% to 1,052. The average sales price increased 10.4% to $205,613.
Gross margin as a percentage of home sales revenues was 26.3% as compared to 26.4% in the prior year quarter. Active Selling Communities at quarter-end increased to 59 from 50. Total owned and controlled lots increased to 29,856.
"LGI Homes delivered another impressive quarter of results highlighted by strong year-over-year growth in home closings, revenues, average sales price, net income and earnings per share," said Eric Lipar, the company's chairman and CEO. "With a solid start to the fourth quarter, we maintain an optimistic outlook on the remainder of the year and believe we are well positioned to deliver strong results for the full year 2016."
The company did not report new home orders.