United Homes Group Reports Q3 2024 Financial Results
Company Announcements

United Homes Group Reports Q3 2024 Financial Results

United Homes Group, Inc ( (UHG) ) has released its Q3 earnings. Here is a breakdown of the information United Homes Group, Inc presented to its investors.

United Homes Group, Inc., a publicly traded residential builder headquartered in Columbia, SC, specializes in the design, construction, and sale of single-family homes in high-growth southeastern U.S. markets. The company focuses on entry-level, first move-up, and second move-up homes, operating with a land-light strategy to mitigate risks associated with land acquisition.

In its latest earnings report for the third quarter of 2024, United Homes Group reported a revenue of $118.6 million, a 35% year-over-year increase, driven by a 30% increase in home closings and a 25% rise in net new orders. Despite this growth, the company recorded a net loss of $7.3 million for the quarter, primarily due to changes in the fair value of derivative liabilities.

Key financial metrics highlighted in the report include a slight increase in the average sale price of homes to $320,000, up from $316,000 in the same period last year. The company also reported a decrease in gross profit percentage to 18.9% from 19.8%, largely due to continued sales incentives. Liquidity remains strong with $89 million available, comprising cash and unused credit facility capacity.

Looking forward, United Homes Group anticipates continued growth, supported by operational initiatives and a robust pipeline of owned and controlled lots. The company remains committed to its strategy of targeting high-growth markets with favorable demographic trends, aiming to leverage its land-light model for expansion and increased market presence.

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