DALLAS, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, today announced the commencement of an underwritten public offering of 5,043,480 shares of its common stock to be offered by selling stockholders of the Company (collectively, the “Offering”). The selling stockholders also expect to grant the underwriters a 30-day option to purchase up to an additional 756,520 shares of common stock. The Company is ...

New office space in Irving will accommodate growing number of division employees Conveniently located near company's communities and important employment bases Space is currently under construction with move-in expected in Spring 2025DALLAS, Nov. 18, 2024 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, has signed a 14,725-square-foot long-term lease at Tower 1320 in Irving, Texas, which will serve as the company's Dall ...

DALLAS, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (NASDAQ: LSEA) today announced that the company will present at the Southwest IDEAS Investor Conference on Thursday, November 21, 2024 at The Statler in Dallas, TX. Company’s presentation is scheduled to begin at 11:30 AM local time (12:30 ET). The presentation will be webcast and can be accessed through the conference host’s main website: https://www.threepartadvisors.com/southwest and in the investor relations section of the company's web ...

Landsea Homes (LSEA) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 193.33%. A quarter ago, it was expected that this residential homebuilder would post earnings of $0.32 per share when it actually produced earnings of $0.36, delivering a surprise of 12.50%.Over the last four quarter ...

Net income increased 29% to $11.1 million or $0.30 per share, a 36% increaseAdjusted net income increased 36% to $15.9 million or $0.44 per share, a 47% increaseHome sales revenue increased 26.2% to $325.6 millionNew home deliveries increased 40% to 629 homesNet new home orders of 626 increased 28.8%Home sales gross margin of 17.1%, adjusted home sales gross margin of 22.8%Book value per share of $18.27 DALLAS, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or th ...

Exhibit 99.1 Landsea Homes Reports Third Quarter 2024 Results • Net income increased 29% to $11.1 million or $0.30 per share, a 36% increase • Adjusted net income increased 36% to $15.9 million or $0.44 per share, a 47% increase • Home sales revenue increased 26.2% to $325.6 million • New home deliveries increased 40% to 629 homes • Net new home orders of 626 increased 28.8% • Home sales gross margin of 17.1%, adjusted home sales gross margin of 22.8% • Book value per share of $18.27 Dallas, Texas – Novembe ...

DALLAS, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) announced today that the company will release its results for the third quarter of 2024 before the market opens on Monday, November 4, 2024. The company will host a conference call on the same day at 10:00 AM Eastern Time to discuss its financial results and conduct a question-and-answer session. Conference Call Details: Date: Monday, November 4, 2024 Time: 10:00 AM Eastern Time Toll-free dial-in number: 800-274-8461 Internat ...

Brach Ranch in St. Cloud and Trinity Gardens in DeLand will feature single-family detached High Performance Homes ORLANDO, Fla., Sept. 18, 2024 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, today announced it has closed on a total of 124 homesites for two new communities in Central Florida. The first phase of Brack Ranch in St. Cloud includes 14 single-family detached homes on 50-foot lots ranging from 1,900 to 3,200 s ...

When it comes to the publicly traded home builders that are out there, one of the smallest players with a market capitalization of only $477 million, is Landsea Homes Corporation (NASDAQ: LSEA ). Even though the business Crude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential. Subscribers get to use a 50+ stock model account, in-depth cash flow analys ...

Financial Performance - Home sales revenue increased by 34% to $710.8 million for the six months ended June 30, 2024, compared to $532.1 million in the same period of 2023[92]. - Net income for the six months ended June 30, 2024, was $4.0 million, down from $10.0 million in the prior year[92]. - Total revenues for the three months ended June 30, 2024, were $431.1 million, compared to $293.2 million in the same period of 2023[80]. - The gross margin for home sales increased to $62.4 million for the three months ended June 30, 2024, compared to $50.7 million in the prior year[80]. - Home sales gross margin decreased to 14.9% for both the three and six months ended June 30, 2024, down from 17.4% and 17.7% respectively in the prior year, primarily due to increased sales discounts and higher land and interest costs[112]. - EBITDA for Q2 2024 was $24,466 thousand, compared to $15,964 thousand in Q2 2023, marking an increase of 53.1%[164]. - Adjusted EBITDA for the six months ended June 30, 2024, reached $59,858 thousand, up from $43,351 thousand in the same period of 2023, reflecting a growth of 38.2%[165]. - Net income attributable to Landsea Homes for Q2 2024 was $2,885 thousand, down from $4,947 thousand in Q2 2023, a decrease of 41.6%[167]. - Adjusted net income attributable to Landsea Homes for the six months ended June 30, 2024, was $13,265 thousand, slightly up from $13,022 thousand in the same period of 2023, an increase of 1.9%[167]. Home Sales and Deliveries - Home deliveries rose by 25% to 1,265 units for the six months ended June 30, 2024, up from 1,011 units year-over-year[92]. - For the six months ended June 30, 2024, total net new home orders increased by 29% to 1,372 homes, with a dollar value of $731.2 million, compared to 1,063 homes and $606.9 million in the prior year[97]. - The average selling price (ASP) for homes delivered in the total segment was $533, reflecting a 7% decrease compared to the prior year[97]. - The Arizona segment delivered 396 homes with a dollar value of $174.992 million for the six months ended June 30, 2024, reflecting a 20% increase in dollar value compared to the prior year[105]. - The California segment delivered 285 homes with a dollar value of $266.105 million, representing a 43% increase in dollar value year-over-year[106]. - The Colorado segment, which began operations in October 2023, delivered 41 homes generating $19.1 million in revenue for the six months ended June 30, 2024[106]. - The Florida segment delivered fewer homes in the first half of 2024 compared to the same period in 2023, but saw improvement in the second quarter due to increased net new orders[107]. Acquisitions and Market Expansion - The acquisition of Antares Acquisition, LLC for approximately $239.8 million added about 2,100 lots in Texas, enhancing market presence[83]. - The acquisition of Richfield Homes, LLC for $22.5 million provided approximately 290 lots in the Denver area, supporting geographic expansion[84]. - The Texas segment began integrating operations from the Antares acquisition in April 2024, leading to increased net new home orders and dollar value[108]. - Total lots owned or controlled increased by 12% to 12,357 as of June 30, 2024, compared to 11,008 on June 30, 2023, primarily due to the Antares acquisition[119]. Financial Ratios and Leverage - The debt to capital ratio increased to 52.8%, indicating a rise in leverage as the company pursues growth opportunities[93]. - As of June 30, 2024, the net debt to total capital ratio increased to 45.4% from 30.4% as of December 31, 2023, indicating a higher leverage position following the acquisition of Antares[94]. - The ratio of debt to capital increased to 52.8% from 44.1%, indicating a higher leverage position[161]. - The ratio of net debt to total capital rose to 45.4% from 30.4%, suggesting increased financial risk[161]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $62.4 million to $106.2 million as of June 30, 2024, primarily due to the Antares acquisition and net paydowns of the revolving credit facility[132]. - The company reported net cash provided by operating activities of $0.4 million for the six months ended June 30, 2024, compared to a net cash used of $11.4 million during the same period in 2023[146]. - Net cash used in investing activities was $238.7 million during the six months ended June 30, 2024, primarily due to the acquisition of Antares for $235.0 million[147]. - The company issued $300.0 million worth of senior notes, contributing to net cash provided by financing activities of $200.9 million for the six months ended June 30, 2024[148]. - The company had a minimum liquidity balance of $244.0 million as of June 30, 2024, exceeding the covenant requirement of $50,000[145]. Operational Challenges - The company is focusing on addressing affordability challenges through lower fixed interest rate incentive programs and tailored marketing efforts[86]. - Monthly absorption rates for the total segment decreased slightly to 3.1 from 3.1 in the prior year, reflecting ongoing challenges in home affordability[97]. - The company is exposed to market risks from interest rate changes and inflation, which could impact home sales and affordability[169][170]. Segment Performance - The Arizona segment reported pretax income of $4.4 million for Q2 2024, a significant improvement from a pretax loss of $0.6 million in Q2 2023[120]. - California segment achieved pretax income of $11.0 million for Q2 2024, up from $4.5 million in Q2 2023, driven by increased deliveries and lower SG&A expenses[121]. - Florida segment's pretax income decreased to $6.1 million in Q2 2024 from $11.4 million in Q2 2023, attributed to slower net new orders and lower gross margins[122]. - Texas segment recorded a pretax loss of $2.8 million in Q2 2024, compared to a loss of $1.4 million in Q2 2023, impacted by integration costs from the Antares acquisition[124]. Shareholder Actions - The company repurchased 534,436 shares of common stock for a total of $6.4 million during the six months ended June 30, 2024[153].