Century Communities Reports Increased Second Quarter 2024 Results

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]