Landsea Homes Corporation (NASDAQ:LSEA) Q4 2023 Earnings Call Transcript
Landsea Homes Corporation (NASDAQ:LSEA) Q4 2023 Earnings Call Transcript February 29, 2024
Landsea Homes Corporation misses on earnings expectations. Reported EPS is $0.33 EPS, expectations were $0.34. Landsea Homes Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings. Welcome to the Landsea Homes Corporation Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this event is being recorded. I will now to turn the conference over to Drew Mackintosh. Thank you. You may begin.
Drew Mackintosh: Good morning and welcome to Landsea Homes' fourth quarter and full year 2023 earnings call. Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the Federal Securities laws. Landsea Homes cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. These risks and uncertainties include, but are not limited to the risk factors described by Landsea Homes and its filings with the Securities and Exchange Commission. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities.
We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through Landsea Homes' website and in its SEC filings. Hosting the call today are John Ho, Landsea's Chief Executive Officer; Mike Forsum, President and Chief Operating Officer; and Chris Porter, Chief Financial Officer. With that, I'd like to turn the call over to John.
A close-up of a homeowner signing a mortgage document in a residential setting.
John Ho: Good morning, and thank you for joining us today as we go over our results for the fourth quarter, provide a recap of our accomplishments in 2023, discuss the current state of our homebuilding operations, and our outlook. Landsea Homes delivered another quarter of strong profitability in the fourth quarter, generating net income of $12.5 million or $0.33 per diluted share. We came in above our stated guidance for full year deliveries, thanks to a strong fourth quarter push by our construction teams to get homes closed by year-end. We also experienced a significant year-over-year improvement in order activity and this momentum has carried into the new year, with orders up 28% for the first eight weeks of 2024 compared to the same period in 2023.
I realize that most of you on this call are more focused on our company's future performance rather than our past accomplishments. I think it's worth reviewing some of our achievements from 2023 as they provide the foundation of what's to come for our company. In February, we launched Landsea Title, which along with Landsea Mortgage, allows us to offer our homebuyers a comprehensive suite of financial services when purchasing their home. It also enables us to maximize efficiencies throughout the home buying experience by controlling the quality and timing of the title and closing process. Having a broader array of financial services to offer to virus is crucial during this era of mortgage rate uncertainty and getting Landsea Title up and running was a key component of this.
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