LGI Homes Reports November 2020 Home Closings and Updates Full Year 2020 Home Closings Guidance
December 03 2020 - 7:02PM
LGI Homes, Inc. (NASDAQ: LGIH) today announced 960 home closings in
November 2020, up from 748 home closings in November 2019,
representing year-over-year growth of 28.3%. In addition, the
Company ended the first eleven months of 2020 with 7,709 home
closings, a 16.1% increase over 6,638 home closings during the
first eleven months of 2019.
As of the end of November 2020, the Company had
114 active selling communities.
“We are proud to announce another record
breaking month of home closings,” said Eric Lipar, Chief Executive
Officer and Chairman of LGI Homes. “This was our best November on
record and the second best month of closings overall in our
history. Based on this outstanding November performance and our
current view of the backlog available to close in December, we are
updating our full year closings guidance to reflect our expectation
of closing between 8,800 and 9,200 homes in 2020.”
Mr. Lipar concluded, “Clearly, the demand for
affordable, entry-level homes has never been stronger and we remain
positive about the long-term outlook for home ownership trends in
all of our markets.”
The Company’s updated full year 2020 home
closing guidance assumes that general economic conditions,
including interest rates and mortgage availability, in the
remainder of 2020 are similar to those experienced so far in the
fourth quarter of 2020. In addition, this guidance assumes that
governmental regulations relating to land development, home
construction and COVID-19 are similar to those currently in place.
Any further COVID-19 governmental restrictions on land development
or home construction could negatively impact the Company’s ability
to achieve this guidance.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI
Homes, Inc. engages in the design, construction and sale of homes
in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North
Carolina, South Carolina, Washington, Tennessee, Minnesota,
Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and
Virginia. Since 2018, LGI Homes has been ranked as the 10th largest
residential builder in the United States based on units closed. The
Company has a notable legacy of more than 17 years of homebuilding
operations, over which time it has closed more than 40,000 homes.
For more information about the Company and its new home
developments, please visit the Company’s website at
www.lgihomes.com.
Forward-Looking Statements
Any statements made in this press release that
are not statements of historical fact, including statements about
the Company’s projected 2020 home closings and possible future
results of operations, are forward-looking statements within the
meaning of the federal securities laws, and should be evaluated as
such. These forward-looking statements can be identified by the use
of forward-looking terminology, including the terms “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “forecast,”
“goal,” “intend,” “may,” “objective,” “plan,” “potential,”
“predict,” “projection,” “should,” “will” or, in each case, their
negative, or other variations or comparable terminology. For more
information concerning factors that could cause actual results to
differ materially from those contained in the forward-looking
statements please refer to the “Risk Factors” section in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, including the “Cautionary Statement about
Forward-Looking Statements” subsection within the “Risk Factors”
section, the “Risk Factors” and “Cautionary Statement about
Forward-Looking Statements” sections in each of the Company’s
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2020, June 30, 2020 and September 30, 2020, and subsequent filings
by the Company with the Securities and Exchange Commission. The
Company bases these forward-looking statements or projections on
its current expectations, plans and assumptions that it has made in
light of its experience in the industry, as well as its perceptions
of historical trends, current conditions, expected future
developments and other factors it believes are appropriate under
the circumstances and at such time. As you read and consider this
press release, you should understand that these statements are not
guarantees of future performance or results. The forward-looking
statements and projections are subject to and involve risks,
uncertainties and assumptions and you should not place undue
reliance on these forward-looking statements or projections.
Although the Company believes that these forward-looking statements
and projections are based on reasonable assumptions at the time
they are made, you should be aware that many factors could affect
the Company’s actual results to differ materially from those
expressed in the forward-looking statements and projections. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. If the Company does update one or more
forward-looking statements, there should be no inference that it
will make additional updates with respect to those or other
forward-looking statements.
CONTACT:Joshua D. FattorVice President of
Investor Relations(281) 210-2619investorrelations@lgihomes.com
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