Landsea Homes Corp. (NASDAQ:LSEA) Q1 2024 Results Conference Call May 1, 2024 10:00 AM ET
Company Participants
Drew Mackintosh - IR
John Ho - CEO
Chris Porter - CFO
Mike Forsum - President, COO
Conference Call Participants
Matthew Bouley - Barclays
Carl Reichardt - BTIG
Alex Rygiel - B. Riley Securities
Jay McCanless - Wedbush
Operator
Greetings, and welcome to the Landsea Homes Corporation First Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Drew Mackintosh. Please go ahead.
Drew Mackintosh
Good morning, and welcome to Landsea first quarter of 2024 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 range 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.
We do not undertake any obligation to update forward-looking statements. 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 first quarter of 2024, discuss current market conditions and provide an update on our outlook for the remainder of the year. Landsea Homes delivered strong top line growth of 22% in the first quarter, thanks to a 7% year-over-year increase in home closings and a 14% rise in average sales prices. Order activity during the quarter was also solid as we generated 612 orders at a sales pace of 3.3 homes per community bus. We continue to see strong interest for our new homes in our markets and look to capitalize on this demand through our well-located communities in our desirable high-performance home product line. The macro environment remains favorable, thanks to a resilient economy, strong job growth and low levels of existing home inventory.
Against this backdrop, we continue to pursue a strategy of targeting high-growth markets and rapidly achieving economies of scale at the local level. This strategy has proven successful in places like Arizona and Florida, and we look to achieve similar success in Texas and Colorado. Our Texas expansion goals got a big boost with the April 1 acquisition of Antares Homes, which provided us with 20 communities and over 2,100 lots in the Dallas-Fort Worth area.