LGI Homes, Inc. (Nasdaq:LGIH) late Friday reported 795 homes closed in March 2020, up from 566 home closings in March 2019, representing year-over-year growth of 40.5%.
In addition, the company announced record-breaking quarterly home closings of 1,835 during the first quarter of 2020 compared to 1,228 home closings in the first quarter of 2019, a 49.4% increase year-over-year. The company reported 199 wholesale closings in the first quarter of 2020, representing 10.8% of the home closing results for the quarter.
As of the end of March 2020, the Company had 113 active selling communities.
“At LGI Homes, we are driven by our commitment to our customers and our desire to make dreams of homeownership come true. We are pleased that our business of fulfilling those dreams and providing shelter has been appropriately recognized as an essential business by the vast majority of the states and municipalities in which we operate,” said Eric Lipar, the company’s CEO. “With the health and welfare of our employees, customers, trade partners and their families as our highest priority, we are proud to announce outstanding home closing results for the month of March and a record-breaking first quarter.”
“As we continue to navigate these times and the rapidly evolving impact of COVID-19, we are taking action to adjust our day-to-day operations to safeguard the health and safety of everyone. Our information centers remain open and in compliance with federal, state and local regulations. As we continue to close homes, we remain focused on providing exceptional customer service and managing our cash and balance sheet effectively.”
Lipar concluded, “At LGI Homes, our team and our business are built to withstand changing market conditions and challenging environments. We are closely monitoring the situation and expect to address the impact of COVID-19 and our 2020 guidance on our May 5, 2020 conference call discussing our financial results for the first quarter.”
The company expects to release financial results for the first quarter ended March 31, 2020 before the market opens on Tuesday, May 5, 2020.
