Tri Pointe Homes, Inc. (NYSE:TPH) Q1 2022 Earnings Conference Call April 21, 2022 10:00 AM ET
Company Participants
David Lee – Investor Relations
Doug Bauer – Chief Executive Officer
Tom Mitchell – Chief Operating Officer and President
Glenn Keeler – Chief Financial Officer
Linda Mamet – Chief Marketing Officer
Conference Call Participants
Stephen Kim – Evercore
Truman Patterson – Wolfe Research
Alan Ratner – Zelman & Associates
Carl Reichardt – BTIG
Jay McCanless – Wedbush
Mike Dahl – RBC Capital Markets
Deepa Raghavan – Wells Fargo
Alex Rygiel – B Riley
Alex Barron – Housing Research Center
Operator
Greetings. And welcome to Tri Pointe Homes' First Quarter 2022 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, David Lee, Investor Relations for Tri Pointe Homes. Thank you. You may begin.
David Lee
Good morning. And welcome to Tri Pointe Homes' earnings conference call. Earlier this morning, the Company released its financial results for the first quarter of 2022. Documents detailing these results, including a slide deck are available at www.tripointehomes.com through the Investors link and under the Events and Presentations tab.
Before the call begins, I would like to remind everyone that certain statements made on this call, which are not historical facts, including statements concerning future financial and operating performance are forward-looking statements that involve risks and uncertainties.
Discussion of risks and uncertainties and other factors that could cause actual results to differ materially are detailed in the Company's SEC filings. Except as required by law, the Company undertakes no duty to update these forward-looking statements. Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through TRI Pointe's website and in its SEC filings.
Hosting the call today are Doug Bauer, the company's Chief Executive Officer, Glenn Keeler, the company's Chief Financial Officer, Tom Mitchell, the company's Chief Operating Officer and President; and Linda Mamet, the company's Chief Marketing Officer.
With that I will now turn the call over to Doug.
Doug Bauer
Good morning. And thank you for joining us today as we go over our results for the first quarter of 2022 and provide some thoughts on the balance of the year.
Tri Pointe Homes delivered another excellent quarter of profitability, generating earnings of $0.81 per diluted share in the first quarter of 2022, compared to $0.59 cents in the prior year period. We once again came in at the high end, or above our stated guidance for key operational metrics, including new home deliveries of 1099, average selling price of $660,000 and homebuilding gross margin at 26.8%. Because of strong demand throughout the quarter, we continue to sell homes at an elevated pace of 5.7 homes per community per month. This sales success resulted in a first quarter ending Company record backlog both in terms of units with 3,955 homes in backlog and dollar value of $2.9 billion, which places us in an excellent position to deliver on our guidance for the full year.