Landsea Homes Corporation (NASDAQ:LSEA) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET
Company Participants
Drew Mackintosh - Corporate Investor Relations
John Ho - Chief Executive Officer
Mike Forsum - President & Chief Operating Officer
Chris Porter - Chief Financial Officer
Conference Call Participants
Min Cho - B. Riley Securities
Carl Reichardt - BTIG
Operator
Good morning and welcome The Landsea Homes Second Quarter Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask actions. Please note that, this event is being recorded.
I'd like to turn the call over with Drew Mackintosh, Corporate Investor Relations. Please go ahead, sir.
Drew Mackintosh
Good morning, and welcome to Landsea Homes 2022 Second Quarter 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 in 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 and 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 it was 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 it over to John.
John Ho
Good morning, and thank you for joining us today as we go over our results for the second quarter of 2022 and provide an update on the company's outlook. Landsea Homes delivered another quarter of strong profitability, generating earnings of $0.34 per diluted share for the period, representing a 48% increase over the second quarter of 2021.
Home sales revenue grew 46% year-over-year to $351 million, driven by a 35% increase in new home deliveries, and a 9% increase to our average selling price. Home sales gross margin expanded 430 basis points year-over-year to 21.3% on a GAAP basis, or 560 basis points to 29.1% on a fully adjusted basis. These results are a testament to our company's strategic focus on scaling operations in high-growth markets, while maintaining an emphasis on bottom line results.