LGI Homes Announces Record December, Fourth Quarter, and Year End 2020 Home Closings and Provides 2021 Home Closings and Acti...
January 06 2021 - 7:03PM
LGI Homes, Inc. (NASDAQ: LGIH) today announced an all-time record
for home closings during a single month with 1,630 homes closed
in December 2020, representing year-over-year growth of 54.9%.
In addition, the Company announced record-breaking quarterly home
closings of 3,408 during the fourth quarter of 2020 compared to
2,515 home closings in the fourth quarter of 2019, a 35.5% increase
year-over-year. The Company closed 9,339 homes in 2020 surpassing
its previous annual record of 7,690 home closings in 2019 by 21.4%.
“December capped a pivotal year for our Company,
and we are extremely pleased with our results,” said Eric Lipar,
the Company’s Chief Executive Officer and Chairman of the Board.
“Our ability to build and close the homes in our backlog, as well
as additional homes sold during the quarter, exceeded our
expectations. We delivered a record-breaking 1,630 closings in
December. Notably, this is more homes than we closed in all of
2013, the year we went public. Additionally, we closed 3,408 homes
in our fourth quarter, which is more than we closed in all of
2015.”
The Company had 116 active selling communities
at the end of December 2020.
“As we start 2021, we continue to see strong
demand in all of our markets and maintain our positive view on the
long-term outlook for homeownership. As a result of our
outstanding performance in 2020 and dynamics related to the
COVID-19 pandemic, our focus in 2021 will be on maintaining our
industry-leading returns and margins while building our land supply
with a view to expanding our community count in 2022. We expect to
have between 112 and 120 active communities at the end of 2021.
Based on this range and our expectation to maintain our
industry-leading absorptions, we expect full year 2021 home
closings to be between 9,200 and 9,800,” Lipar concluded.
The Company’s 2021 home closings and year-end
active selling communities guidance assumes that general economic
conditions, including interest rates and mortgage availability, and
average home sales price, construction costs, availability of land,
land development costs and overall absorption rates in 2021 are
similar to those in 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,
home construction, home sales or home closings 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 45,000 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 2021 home closings and year-end active
selling communities 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 and 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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