LGI Homes Updates Its Fiscal 2024 Guidance: Now Expects Home Closings Of 6,400-7,200 (Prior 7,000-8,000), And Adjusted Gross Margin As Percentage Of Home Sales Revenues Of 25.5%-26.5% (Prior 25%-26%)
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LGI Homes has updated its fiscal 2024 guidance, lowering its expected home closings to 6,400-7,200 from the prior 7,000-8,000. The company also raised its adjusted gross margin guidance to 25.5%-26.5% from 25%-26%. Other key metrics include an average sales price per home of $360,000-$370,000 and a gross margin of 23.5%-24.5%.
July 30, 2024 | 11:56 am
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LGI Homes has revised its 2024 guidance, lowering expected home closings but raising its adjusted gross margin. This mixed update may lead to short-term volatility in LGIH stock.
The reduction in expected home closings could be seen negatively by investors, but the increase in adjusted gross margin might offset some concerns. This mixed guidance is likely to cause short-term volatility in LGIH stock.
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