cLandsea Homes reports Q4 adjusted EPS 81c, consensus 75c

Reports Q4 revenue $426.0M, consensus $441.48M. "2022 was a banner year for Landsea Homes as we generated total revenue of over $1.4B and earnings of $1.70 per diluted share, both records for our company." said John Ho, CEO. "We successfully grew our presence in key markets while expanding our home sales gross margin and maintaining a strong balance sheet. We also returned capital to shareholders through our share repurchase program and increased our book value per share by 20% to $16.04. While we produced record top and bottom-line results in 2022, our new order activity stalled in the second half of the year, due to the combination of rising mortgage rates and declining homebuyer confidence. These two factors led to a drop in new home sales and a spike in cancellations, which negatively impacted our net order results in Q3 and Q4. However, we began to see sequential improvement in both new order activity and cancellations beginning in December, and this improvement continued into January and February, giving us renewed optimism as we head into the Spring selling season."