Financial Data and Key Metrics Changes - The company reported a net income of $83.7 million, or $2.61 per diluted share, representing a 63% year-over-year increase [54] - Home sales revenues reached $1 billion, up 24% year-over-year, with adjusted homebuilding gross margin increasing by 300 basis points to 24% [43][71] - Adjusted earnings per diluted share rose by 66% year-over-year to $2.65, with EBITDA increasing by 61% to $129.1 million [54][43] Business Line Data and Key Metrics Changes - Deliveries increased by 17% year-over-year to 2,617 homes, with the average sales price (ASP) at $389,000 [42][36] - The company started 3,867 homes in Q2, a 37% increase from Q1, and opened 50 new communities, bringing the total community count to 266 [66][67] - The backlog of sold homes was valued at $755 million, with an average price of $430,500, indicating a strong demand for new homes [56] Market Data and Key Metrics Changes - The company experienced year-over-year increases in pace for both Q1 and Q2, with the West and Texas regions showing the strongest gains at 59% and 30% respectively [36][3] - Nearly 100% of homes were built on a spec basis, allowing the company to control costs and meet demand effectively [37] - The Southeast and Texas accounted for close to 50% of the total lot count, reflecting the company's strategy to grow in these attractive markets [50] Company Strategy and Development Direction - The company focuses on affordability, targeting a wide range of potential homebuyers, with nearly 90% of deliveries priced below FHA limits [48][37] - The strategy includes a land-light approach, acquiring finished lots to support community count growth and operational efficiencies [51][46] - The company aims to deepen its market share and improve operating efficiencies as it continues to grow its national footprint [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and durability of the platform built over the last decade, anticipating continued growth in deliveries and community count [46][74] - The company noted that while there is some pressure from resale inventory, it remains manageable, and the demand for affordable new homes is healthy [7][140] - Management expects to see sequential growth in both the third and fourth quarters of 2024, driven by strong order trends and community openings [70][85] Other Important Information - The company repurchased nearly 500,000 shares during the quarter, with a new stock repurchase program approved for up to 4.5 million additional shares [73][84] - The tax rate for the quarter was 24.3%, with expectations for the full year to be in the range of 24.5% to 25% [72] - The company ended the quarter with $841 million in total liquidity and no senior debt maturities until June 2027, providing flexibility in leverage management [73] Q&A Session Summary Question: How do mortgage rate buydowns affect the income statement? - The impact of mortgage rate buydowns is reflected as a reduction in average sales price [100] Question: What is the outlook for financial services profitability? - Financial services profitability was impacted by increased costs and a lower gain on sale, with expectations for margins to stabilize in the back half of the year [101][115] Question: How is the competitive environment shaping up this summer compared to last year? - The competitive environment remains aggressive, with builders primarily offering interest rate assistance rather than significant price reductions [102][117] Question: What is the strategy for community count growth moving forward? - The company plans to continue increasing community counts and expects to see starts increase along with community growth [125] Question: Are there any specific markets facing challenges? - While Texas remains strong, there has been some inventory buildup in Southwest Florida, but it represents a small part of the business [132]

Century Communities (CCS) came out with quarterly earnings of $2.65 per share, beating the Zacks Consensus Estimate of $2.46 per share. This compares to earnings of $1.60 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates four times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary ...

2. Reporting Segments We have identified our Financial Services operations, which provide mortgage, title, insurance and escrow services to our homebuyers, as a sixth reportable segment. Our Corporate operations are a non-operating segment, as our Corporate operations serve to support our homebuilding, and to a lesser extent our Financial Services operations, through functions, such as our executive, finance, treasury, human resources, accounting and legal departments. The following table summarizes total r ...

Century Communities Reports Increased Second Quarter 2024 Results - Increased 2024 Guidance for Home Sales Revenues and Deliveries - - Second Quarter Net Income Increased 63% YoY to $83.7 Million, or $2.61 Per Diluted Share - - Home Sales Revenues of $1.0 Billion Increased 24% YoY - - Deliveries of 2,617 Homes Increased 17% YoY - - Net New Home Contracts of 2,780 Increased 20% YoY - - J. Scott Dixon Appointed as Chief Financial Officer - Greenwood Village, Colorado (July 24, 2024) – Century Communities, Inc ...

Core Insights - Century Communities, Inc. reported a strong second quarter for 2024, with net income increasing by 63% year-over-year to $83.7 million, or $2.61 per diluted share [3][14] - The company has raised its full-year guidance for home deliveries to between 10,700 and 11,300 homes and home sales revenues to between $4.2 billion and $4.4 billion [33] Financial Performance - Home sales revenues reached $1.0 billion, marking a 24% increase year-over-year [11][15] - Deliveries of homes totaled 2,617, reflecting a 17% increase compared to the same quarter last year [14][15] - Net new home contracts were 2,780, up 20% year-over-year [4][14] - Adjusted net income, excluding certain accounting impacts, was $85.2 million, or $2.65 per diluted share, a 66% increase year-over-year [2][3] Operational Highlights - The company achieved an adjusted homebuilding gross margin of 24%, an increase of 300 basis points from the previous year [2][16] - Century Communities maintained a community count of 266, a record for the company, representing a 14% increase year-over-year [14] - The average sales price of home deliveries for the second quarter was $388,800 [15] Balance Sheet and Liquidity - As of June 30, 2024, the company reported stockholders' equity of $2.5 billion and total liquidity of $840.5 million, including $151.5 million in cash [6] - The book value per share increased to a record $78.68 [5] Leadership Changes - J. Scott Dixon was appointed as Chief Financial Officer, having previously served as Interim CFO since March 2024 [8][19]

Online homebuying leader now selling from the mid $300s at The Lakes at Rancho El Dorado MARICOPA, Ariz., July 17, 2024 /PRNewswire/ -- Century Communities, Inc.—one of the nation's largest homebuilders, an industry leader in online home sales, and the highest-ranked homebuilder on Newsweek's list of America's Most Trustworthy Companies 2024—revealed it's joined Maricopa's anticipated planned community: The Lakes at Rancho El Dorado. The Lakes at Rancho El Dorado by Century Communities | New Homes in Marico ...

Core Insights - Century Communities, Inc. is expanding its presence in the Jacksonville area by opening three new communities, which will collectively offer over 120 new homesites [1][2][14] - The company is recognized as one of the largest homebuilders in the U.S. and is a leader in online home sales, having been ranked as the most trustworthy homebuilder by Newsweek in 2024 [1][17] - The new communities include Nobles Crossing in Palatka, Greystone in Glen Saint Mary, and The Landing at Crooked River in Kingsland, GA, with pricing details to be announced soon [3][4][6] Company Overview - Century Communities operates under the brands Century Communities and Century Complete, focusing on building high-quality homes at affordable prices [17] - The company is involved in all aspects of homebuilding, including land acquisition, development, construction, and sales, and operates in 18 states across over 45 markets in the U.S. [17] - Century Communities also provides title, insurance, and lending services through its subsidiaries [17] Market Position - Jacksonville is identified as one of the hottest housing markets in the nation, prompting Century Communities to address the demand for quality and affordable homes [2] - The new communities are strategically located to provide residents with convenient access to local attractions, shopping, medical services, and recreational amenities [14]

Core Insights - Century Communities, Inc. is launching its Purple Tag Sales Event, offering significant savings on new homes across the nation, reinforcing its position as a leading homebuilder and innovator in online home sales [1][2][7] Group 1: Sales Event Details - The Purple Tag Sales Event features discounts of up to 25% off rates, competitive financing options, and closing cost assistance through affiliate lender Inspire Home Loans® [2][5] - The event aims to make homeownership more attainable for buyers nationwide, with a focus on an easy online homebuying experience [2][6] Group 2: Company Overview - Century Communities is recognized as one of the largest homebuilders in the U.S. and has been ranked as the most trustworthy homebuilder by Newsweek for 2024 [1][7] - The company operates in 18 states and over 45 markets, providing a range of services including title, insurance, and lending through its subsidiaries [7]

Century Communities (CCS) shares ended the last trading session 8.6% higher at $88.26. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.8% loss over the past four weeks. For Century Communities, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to k ...

Core Insights - Century Communities is expanding its offerings in two planned communities, Twelve Bridges and SOMO Village, providing a variety of home options for buyers [1][4][6] Group 1: Community Offerings - Twelve Bridges features two-story floor plans with 3 to 4 bedrooms, up to 2,431 square feet, and 2-bay garages, with homes available for summer and fall move-ins [1] - SOMO Village offers two collections starting from the low $700s, with homes designed for modern living [1][5] - Combined, the communities present four single-family home collections starting from the mid $500s, featuring contemporary layouts and smart home technology [4][6] Group 2: Online Homebuying Experience - Century Communities provides an online homebuying platform, allowing customers to shop for homes, fill out forms, and electronically sign contracts [2][8] - The company emphasizes its industry-first online homebuying experience for all available homes in California [7] Group 3: Company Overview - Century Communities, Inc. is a leading homebuilder in the U.S., recognized for its online sales and ranked as one of America's Most Trustworthy Companies in 2024 [6] - The company operates in 18 states and over 45 markets, offering a range of services including title, insurance, and lending through its subsidiaries [6]