LGI Homes, Inc. announced financial results for the first quarter ended March 31, 2025. Home sales revenues decreased 10.1% year-over-year to $351.4 million, driven by an 8.0% decrease in homes closed (996 vs. 1,083) and a 2.2% decrease in the average sales price per home closed ($352,831 vs. $360,897).
Gross margin as a percentage of home sales revenues decreased to 21.0% from 23.4% in Q1 2024, and adjusted gross margin decreased to 23.6% from 25.3%. Net income decreased 76.6% to $4.0 million, resulting in diluted EPS of $0.17 compared to $0.72 in the prior year period.
The company reaffirmed its full-year 2025 guidance for 6,200 to 7,000 home closings and 160 to 170 active selling communities, but adjusted its full-year gross margin guidance downward to 21.7%-23.2% (adjusted gross margin 24%-25.5%). This adjustment reflects Q1 performance, potential tariff impacts, and market uncertainty.
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