LGI Homes 1Q Profit Exceeds Expectations, But Revenue Misses

LGI Homes Inc (NASDAQ: LGIH) announced net income of $11.7 million for the first quarter. This was 51.95% higher than $7.7 million delivered last year. Similarly, its earnings jumped 72.7% to $0.57 a share from $0.33 a share in the corresponding period of the preceding year. LGI Homes revenue from the sale of homes advanced 34.6% to $162.46 million from $120.69 million in the previous year quarter. The company attributed the higher revenue to growth in home sales revenues due to the higher number of homes closed apart from an increase in the average home sales price. Street analysts predicted the company to earn $0.52 a share on revenue of $167.55 million.The company disclosed that its Home closings increased 25.8% to 844 from 671 in the first quarter of 2015. Similarly, its active selling communities advanced to 56 from 44 communities in the comparable period.LGI Home said that its average home sales price was $192,491 for the first quarter representing an increase of $12,625, or 7.0%, from the year-ago quarter. This was also mainly because of in product mix, price points in new markets, and a favorable pricing environment.Shares of the company closed 4.96% higher on Monday.