Century munities(US:CCS)2026-01-28 21:15Financial Performance - Fourth quarter total revenues reached $1.2 billion, with home sales revenues totaling $1.1 billion[6] - Fourth quarter net income was $36.0 million, or $1.21 per diluted share, while adjusted net income was $47.1 million, or $1.59 per diluted share[6] - Full year 2025 total revenues amounted to $4.1 billion, with home sales revenues of $3.9 billion[10] - Full year 2025 net income was $147.6 million, or $4.86 per diluted share, with adjusted net income of $181.7 million, or $5.99 per diluted share[10] - Adjusted net income for Q4 2025 was $47,101, compared to $113,596 in Q4 2024, a decrease of 58.6%[35] - Adjusted diluted earnings per share (EPS) for Q4 2025 was $1.59, down from $3.54 in Q4 2024, a decline of 55.1%[35] - The company reported a net income of $35,956 for Q4 2025, compared to $102,741 in Q4 2024, a decrease of 65.0%[35] - Net income for Q4 2025 was $35,956, a decline of 65.0% compared to $102,741 in Q4 2024[42] - EBITDA for Q4 2025 decreased by 52.6% to $75,884 from $160,174 in Q4 2024[42] - Adjusted EBITDA for Q4 2025 was $97,352, down 47.2% from $184,502 in Q4 2024[42] Home Sales and Deliveries - Total residential units delivered in the fourth quarter were 3,435, including 3,030 new homes[4] - The average sales price of new home deliveries for the fourth quarter was $366,700, while for the full year it was $378,000[6][10] - Total new home contracts for 2025 were 10,326, a decrease of 3.3% from 10,676 in 2024[27] - Average sales price for homes delivered in 2025 was $378.0 thousand, down 3.3% from $390.9 thousand in 2024[27] - The number of new home deliveries in Q4 2025 was 3,030, down 5.3% from 3,198 in Q4 2024[27] - Home sales revenues for Q4 2025 were $1,111,045, a decrease of 10.9% from $1,246,697 in Q4 2024[39] Inventory and Assets - Lot inventory decreased from 80,632 in 2024 to 60,916 in 2025, a decline of 24.5%[31] - Backlog of homes as of December 31, 2025, was valued at $283,725 thousand, a decrease of 19.2% from $351,162 thousand in 2024[30] - Total assets decreased from $4,532,472 in 2024 to $4,459,895 in 2025, a decline of 1.6%[25] - Total liabilities decreased from $1,911,616 in 2024 to $1,868,163 in 2025, a decline of 2.3%[25] Shareholder Returns and Equity - The company repurchased 333,881 shares of common stock for $20.0 million in the fourth quarter and 2,267,723 shares for $143.6 million over the full year, returning a record $178 million to stockholders[14] - As of December 31, 2025, the company had a book value per share of $89.21, a company record[13] - The company reported a total stockholders' equity of $2,591,732 in 2025, slightly down from $2,620,856 in 2024[47] Margins and Debt - Homebuilding gross margin for the fourth quarter was 15.4%, with an adjusted gross margin of 18.3%[8] - Adjusted homebuilding gross margin excluding inventory impairment for Q4 2025 was $182,415, representing 16.4%, down from 21.2% in Q4 2024[39] - The adjusted homebuilding gross margin excluding interest, inventory impairment, and purchase price for 2025 was $781,661, or 19.9%, compared to 23.3% in 2024[39] - Total homebuilding debt decreased to $1,063,607 in 2025 from $1,140,973 in 2024[47] - The ratio of net homebuilding debt to net capital improved to 25.9% in 2025 from 27.4% in 2024[47] - Inventory impairment increased by 59.0% in Q4 2025 to $10,865 compared to $6,835 in Q4 2024[42]