LGI Homes: 2Q Earnings Snapshot
THE WOODLANDS, Texas (AP) _ LGI Homes Inc. (LGIH) on Tuesday reported second-quarter profit of $47.6 million.
The The Woodlands, Texas-based company said it had net income of $1.90 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The entry-level homebuilder in the Texas, Arizona, Florida and Georgia markets posted revenue of $419.8 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $414.5 million.
LGI Homes expects full-year earnings to be $6.50 to $7.25 per share.
LGI Homes shares have dropped 33 percent since the beginning of the year. The stock has risen 5.5 percent in the last 12 months.