LGI Homes reports Q2 EPS $1.36, consensus $1.31

Reports Q2 revenue $483.485M, consensus $478.45M. “We delivered solid results in the second quarter including profitability metrics at the high end of our prior guidance range,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes (LGIH). “In the second quarter, we delivered 1,323 homes at an average sales price of $365,446, resulting in $483.5 million in revenue. Additionally, our gross margin and our adjusted gross margin both increased 190 basis points sequentially to 22.9% and 25.5%, respectively, and our adjusted gross margin was at the high end of the range provided on our last call. We continue to pursue opportunities for cost savings and improved efficiency as we focus on driving additional improvement in our profit margins and earnings per share. Finally, in the second quarter we repurchased 367,568 shares of our common stock.”