LGI Homes, Inc. (LGIH) has reported 0.68 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $11.78 million, or $0.52 a share in the quarter, compared with $11.70 million, or $0.57 a share for the same period last year.

Revenue during the quarter went up marginally by 0.28 percent to $162.91 million from $162.46 million in the previous year period.

Cost of revenue went down marginally by 1.39 percent or $1.68 million during the quarter to $119.41 million. Gross margin for the quarter expanded 124 basis points over the previous year period to 26.70 percent.

Total expenses were $146.78 million for the quarter, up 1.13 percent or $1.65 million from year-ago period. Operating margin for the quarter contracted 77 basis points over the previous year period to 9.90 percent.

Operating income for the quarter was $16.13 million, compared with $17.33 million in the previous year period.

Revenue from real estate activities during the quarter was almost stable at $162.91 million, when compared with the previous year period.

"Although closings have been down year-over-year, we maintain our belief that homeownership is still in high demand," said Eric Lipar, the Company's chief executive officer and chairman of the Board. "Due to the strength of our sales over the past 90 days and strong ending backlog for the first quarter, we anticipate closings for 2017 to be weighted towards the second half of the year."

For financial year 2017, LGI Homes projects revenue to grow in the range of 25 percent to 27 percent. The company forecasts basic earnings per share to be in the range of $4.00 to $4.50.

Real estate inventory stood at $788.76 million as on Mar. 31, 2017. Net receivables stood at $17.15 million as on Mar. 31, 2017. Accounts payable stood at $19.95 million as on Mar. 31, 2017.

Total assets jumped 32.86 percent or $214.57 million to $867.63 million on Mar. 31, 2017. On the other hand, total liabilities were at $494.39 million as on Mar. 31, 2017, up 26.91 percent or $104.82 million from year-ago.

Return on assets moved down 43 basis points to 1.36 percent in the quarter. At the same time, return on equity moved down 128 basis points to 3.16 percent in the quarter.

Total debt was at $426.16 million as on Mar. 31, 2017. Shareholders equity stood at $373.24 million as on Mar. 31, 2017, up 41.65 percent or $109.75 million from year-ago. Meanwhile, debt to equity ratio was at 1.14 percent in the quarter.