Landsea Homes Q4 Profit Down, Adj. EPS Tops View

(RTTNews) - Landsea Homes Corp. (LSEA), a homebuilder, reported Tuesday that its fourth-quarter net income declined to $25.6 million or $0.62 per share from last year's $38.4 million or $0.83 per share.

Adjusted net income for the quarter was $32.5 million or $0.81 per share, compared to $36.0 million or $0.79 per share a year ago.

On average, three analysts polled by Thomson Reuters expected earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 7 percent to $426.0 million from $398.5 million last year, primarily driven by the performance of Florida division and the delivery of units from New York operations.

Analysts expected revenues of $441.48 million for the quarter.

Home sales revenue increased 25 percent year-over-year to $417.5 million. Total homes delivered increased 32 percent to 703 homes at an average sales price of $594,000.

Looking ahead for the first quarter, the company projects new home deliveries in a range of 400 to 445 homes, and delivery ASPs in a range of $520,000 to $525,000.

Home sales gross margins would be between 17 percent and 18 percent on a GAAP basis and between 21 percent and 22 percent on an adjusted basis.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.