THE WOODLANDS, Texas, Aug. 09, 2016 -- LGI Homes, Inc. (Nasdaq:LGIH) on Tuesday reported net Income of $20.7 million, or $1.01 per share, for the second quarter ended June 30, handily beating the Wall Street consensus estimate of 87 cents per share. The gain compares with net income of $13.9 million in the same period
Among the metrics reported for the quarter vs. last year's quarter: Home closings increased 32.2% to 1,128 homes, home sales revenues increased 40.2% to $222.7 million, the average home sales price increased 6.0% to $197,450, gross margin as a percentage of home sales revenues was 26.5% as compared to 26.8%, active selling communities at quarter-end increased to 56 from 45 and total owned and controlled lots increased to 28,040 lots.
The company did not report data on new home orders.
"For the full year 2016, we now anticipate closings to be between 4,000 and 4,300 homes and are increasing the range of our average sales price guidance," said Eric Lipar, LGI CEO and chairman. "In addition, we are raising our full year EPS guidance to $3.20 to $3.70 per basic share based on our expectation to produce gross margin between 25.2% and 27.2%, adjusted gross margin between 26.5% to 28.5% and continued SG&A leverage."
LGI said it believes it will have between 62 and 67 active selling communities at the end of 2016, close between 4,000 and 4,300 homes in 2016, and generate basic EPS between $3.20 and $3.70 per basic share during 2016. It also now expects gross margin as a percentage of home sales revenues will be in the range of 25.2% and 27.2%, 2016 and that the average home sales price in 2016 will be between $195,000 and $205,000.