LGI Homes continues post-IPO run after beat and raise

• Q2 net income before taxes of $13.9M up 75.6% from a year ago.
• Home closings of 662 up 61.1%; home sales revenues of $106.4M up 76.7%; ASP of $160.7K up 9.7%.
• Active selling communities of 31 up from 18 a year ago.
• Adjusted gross margin of 27.9% falls 120 basis points amid higher construction and lot costs.
• Full year EPS guidance is boosted to $1.30-$1.38 from $1.22-$1.30.
• Conference call is underway
• Previously: LGI Homes beats by $0.10, beats on revenue
• LGIH +3.1%