Landsea Homes Corporation (NASDAQ:LSEA) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET
Company Participants
Drew Mackintosh - Mackintosh, Investor Relations
John Ho - Chief Executive Officer
Mike Forsum - President & Chief Operating Officer
Chris Porter - Chief Financial Officer
Conference Call Participants
Carl Reichardt - BTIG
Jay McCanless - Wedbush
Alex Rygiel - B. Riley Securities
Operator
Good day and welcome to the Landsea Homes Third Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
I like now to turn the conference over to Mr. Drew Mackintosh. Please go ahead.
Drew Mackintosh
Good morning and welcome to Landsea Homes' third quarter 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.
John Ho
Good morning, and thank you for joining us today as we go over our results for the third quarter of 2023; share our outlook for the remainder of the year and discuss some exciting new developments for our company.
Landsea Homes generated $258 million in home sales revenue in the third quarter. Our new home deliveries of 448 at an average sales price of $576,000. Home sales gross margin came in at 18.7% and net income was $8.6 million or $0.22 per diluted share. We are pleased with these financial results and believe they are reflective of a resilient new home market and our company's strong execution.