THE WOODLANDS, Texas, Oct. 03, 2018 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (Nasdaq:LGIH) today announced 478 homes closed in September 2018, compared to 542 home closings in September 2017. In addition, the Company announced quarterly home closings of 1,601 for the third quarter of 2018 compared to 1,729 home closings in the third quarter of 2017. The Company finished the first nine months of 2018 with 4,660 home closings, a 16.5% increase over 4,001 home closings during the first nine months of 2017.
As of the end of September 2018, the Company had 81 active selling communities.
“Although closings for the third quarter are down year-over-year, our outlook remains positive and demand for homeownership remains solid,” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “Assuming that general economic conditions, including interest rates and mortgage availability, in the remainder of 2018 are similar to those in the third quarter of 2018, we believe we are on track to close between 6,400 and 7,000 homes in 2018.”
The Company expects to release financial results for the third quarter ended September 30, 2018 before the market opens on Tuesday, November 6, 2018. The Company will hold a conference call for investors and other interested parties on Tuesday, November 6, 2018 at 12:30 p.m. Eastern Time to discuss the results.
A link to the live audio webcast will be provided through the Investors section of the Company's website at www.LGIHomes.com under Events and Presentations. The call can also be accessed by dialing (855) 433-0929 for domestic participants or (970) 315-0256 for international participants. Participants should ask for the LGI Homes 2018 Third Quarter Earnings Conference Call or reference Conference ID 1977416. Those dialing in should do so at least ten minutes prior to the start of the call.
An archive of the webcast will be available for replay on the Company's website for 12 months.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon and Nevada. The Company has a notable legacy of more than 15 years of homebuilding operations, over which time it has closed over 26,000 homes. For more information about the Company and its new home developments please visit the Company's website at www.LGIHomes.com.
Forward-Looking Statements
Any statements made in this press release that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include information concerning projected 2018 home closings, as well as the acquisition of Wynn Homes and the integration of such assets into the Company’s operations, market conditions and possible or assumed future results of operations, including descriptions of the Company’s business plan and strategies. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, including the “Cautionary Statement about Forward-Looking Statements” subsection within the “Risk Factors” section, and subsequent filings by the Company with the Securities and Exchange Commission. The Company bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although the Company believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company’s actual results to differ materially from those expressed in the forward-looking statements and projections. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.