(RTTNews) - LGI Homes, Inc. (LGIH) reported that its third quarter net income increased 3.8% to $69.6 million, or $2.95 per share. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $2.54, for the quarter. Analysts' estimates typically exclude special items.
Home sales revenues increased 5.6% to $651.9 million. Analysts on average had estimated $646.46 million in revenue. Home closings increased 0.3% to 1,757 homes.
"Given our performance to date and market trends observed thus far in the fourth quarter, we are updating our full year guidance for 2024. We now expect to close between 6,100 and 6,400 homes this year. Additionally, we are increasing the range of our gross margin and adjusted gross margin guidance by 50 basis points at both the low and high ends of our prior ranges," said Eric Lipar, CEO of LGI Homes.
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