DALLAS - Landsea Homes Corporation (NASDAQ:LSEA), a residential homebuilder with a market capitalization of $298 million and current stock price of $8.21, announced the return of Susan E. Lattmann to its Board of Directors following Thomas Hartfield’s departure. According to InvestingPro data, the company has shown resilience with an 18% revenue growth over the last twelve months. Lattmann, who previously served on the board from 2022 to 2023, brings over 30 years of experience, including a significant role in the company’s cost management strategies. She currently serves as CFO for The Row and has a background with Bed Bath & Beyond and Arthur Andersen. Chairman Bruce Frank highlighted her financial and operational expertise as valuable for the company’s growth. The announcement comes as Landsea Homes continues to create sustainable communities and has been recognized as the Green Home Builder 2023 Builder of the Year. This news is based on a press release statement.
In other recent news, Landsea Homes Corporation witnessed a significant growth in the third quarter, with net income increasing by 29% to $11.1 million year-over-year. Earnings per share rose by 36% to $0.30, while home sales revenue saw a 26% boost, reaching $325.6 million due to a 40% increase in home deliveries. The company also reported a public share offering aiming to raise approximately $62.4 million, with B. Riley Securities, Wedbush Securities, and Zions Capital Markets managing the offering.
Landsea Homes has made key changes to its board and executive team, including the appointment of Rajinder Singh as a new board member and Bruce Frank as the new Chairman. The company also recently settled service-related claims with Landsea Holdings Corporation with a payment of approximately $4.3 million.
Looking ahead, Landsea Homes projects full-year deliveries to be between 2,890 and 3,000 units, with average sales prices estimated between $520,000 and $535,000. The company also aims to reduce its debt-to-capital ratio to the mid-40% range by the end of Q1 2025. These are the recent developments for Landsea Homes Corporation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.