LGI Homes, Inc. (LGIH) has reported 26.25 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $19.47 million, or $0.86 a share in the quarter, compared with $15.42 million, or $0.76 a share for the same period last year. Revenue during the quarter grew 24.34 percent to $216.30 million from $173.96 million in the previous year period.
Total expenses were $187.20 million for the quarter, up 24.05 percent or $36.30 million from year-ago period. Operating margin for the quarter expanded 20 basis points over the previous year period to 13.45 percent.
Operating income for the quarter was $29.10 million, compared with $23.05 million in the previous year period.
"LGI Homes delivered another impressive quarter of results highlighted by strong year-over-year growth in home closings, revenues, average sales price, net income and earnings per share," said Eric Lipar, the Companys chief executive officer and chairman of the Board. "With a solid start to the fourth quarter, we maintain an optimistic outlook on the remainder of the year and believe we are well positioned to deliver strong results for the full year 2016."
Total assets jumped 40.52 percent or $221.65 million to $768.61 million on Sep. 30, 2016. On the other hand, total liabilities were at $438.06 million as on Sep. 30, 2016, up 35.73 percent or $115.31 million from year-ago.
Return on assets moved down 29 basis points to 2.53 percent in the quarter. At the same time, return on equity moved down 99 basis points to 5.89 percent in the quarter.
Debt increases substantiallyTotal debt was at $354.93 million as on Sep. 30, 2016, up 43.23 percent or $107.12 million from year-ago. Shareholders equity stood at $330.56 million as on Sep. 30, 2016, up 47.42 percent or $106.33 million from year-ago. As a result, debt to equity ratio went down 3 basis points to 1.07 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
