Landsea Homes Shows Robust Growth in 2024 Financials
Landsea Homes Corporation Financial Highlights
Landsea Homes Corporation (NASDAQ: LSEA) has released its financial results for the fourth quarter and the full year. The company witnessed impressive growth, displaying significant achievements in home sales revenue and net orders.
Impressive Fourth Quarter Results
During the fourth quarter, Landsea Homes recorded a remarkable home sales revenue of $450.6 million. This reflects a strong increase from previous periods and indicates the company's successful strategies in the housing market. Home closings also soared, with a total of 937 homes delivered, showcasing a robust 41% increase compared to the prior year.
Net New Home Orders Surge
The quarter ended with 636 net new home orders, marking a striking 60% increase from the same period last year. This surge in demand reflects the company's effective marketing strategies and strong demand for their high-performance homes. The average sales price of homes during the fourth quarter was $481,000.
Full Year 2024 Performance
For the full year, Landsea Homes achieved a historic revenue milestone of $1.55 billion, up from previous years. This growth was driven by a combination of strategic acquisitions and successful product launches in various markets, particularly in Arizona and Texas.
Significant Increases in Home Deliveries
The total number of homes delivered during 2024 also set a new record, with 2,831 homes sold at an average price of $525,000. This demonstrates the company's ability to effectively manage its supply chain and respond to market demands effectively.
Management Insights
John Ho, the CEO of Landsea Homes, expressed optimism about the company's performance and the real estate market's recovery. He noted, "Our strategic initiatives and focus on high-performance homes have led to our successful year. We are excited about our continued growth and market presence as we enter the upcoming selling season."
Future Projections
Looking ahead, Landsea Homes anticipates delivering between 600 to 700 new homes in the first quarter of the upcoming year. The expected average sales prices are in the range of $475,000 to $500,000, with gross margins projected between 13% and 14% on a GAAP basis.
Long-term Outlook
The overall health of the company remains strong, with a year-end book value per share anticipated to increase alongside sustained operational performance. As the housing market stabilizes, Landsea Homes is well-positioned to capitalize on emerging opportunities.
Investor Relations and Contact
For further information, investors can reach out to:
Drew Mackintosh, CFA
Mackintosh Investor Relations, LLC
drew@mackintoshir.com
(310) 924-9036
Frequently Asked Questions
What were the key financial results for Landsea Homes in 2024?
Landsea Homes reported a revenue of $1.55 billion for the year, with a significant increase in home sales and closings.
How many homes did Landsea Homes deliver in the fourth quarter?
The company delivered 937 homes during the fourth quarter, a 41% increase compared to the prior year.
What was the average sales price of homes sold in 2024?
The average sales price was approximately $525,000, contributing to the total revenue growth.
What are the future projections for Landsea Homes?
The company anticipates delivering between 600 and 700 homes in the first quarter of the upcoming year.
Who can I contact for more information about Landsea Homes?
Investors can contact Drew Mackintosh at Mackintosh Investor Relations for further inquiries.
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