LGI Homes Clocks ~23% Decline In Home Sales Revenue In Q1 - LGI Homes (NASDAQ:LGIH)

LGI Homes Inc LGIH reported a first-quarter FY22 Home sales revenue decline of 22.7% year-on-year to $546.05 million, beating the consensus of $523.98 million.
Home Closings decreased by 37.6% to 1,599 homes closed. Average Sales Price increased 23.9% to $341,495.
Gross margin expanded by 210 basis points to 29%. Operating margin was 17.5%, and operating income for the quarter fell 21.8% to $95.7 million.
The company held $53.3 million in cash and equivalents as of March 31, 2022.
EPS of $3.25 beat the analyst consensus of $2.72.
Outlook: LGI homes raised FY22 outlook for average sales price per home to $335,000 - $350,000 from $315,000 - $330,000.
The company raised adjusted gross margin to 28.5% - 30.5% from 28% - 30%.
Price Action: LGIH shares are trading higher by 0.64% at $98.56 on the last check Tuesday.