Century Communities Inc (CCS) Reports Q3 2023 Earnings
Century Communities Inc (NYSE:CCS) reports a net income of $83.2 million, or $2.58 per diluted share for Q3 2023.
The company's homebuilding gross margins stood at 24.6%.
CCS increased its 2023 guidance for deliveries and home sales revenues.
The community count increased to a record 252.
Century Communities Inc (NYSE:CCS), one of the nation's largest homebuilders, announced its financial results for the third quarter ended September 30, 2023, on October 25, 2023. The company reported a net income of $83.2 million, or $2.58 per diluted share.
Financial Highlights
CCS reported total revenues of $889.4 million, with third quarter home sales revenues totaling $865.1 million. The company delivered a total of 2,264 homes, with an average sales price of home deliveries for the third quarter 2023 standing at $382,100.
Net new home contracts in the third quarter 2023 were 2,149, and at the end of the third quarter 2023, the Company had 1,887 homes in backlog, representing $707.2 million of backlog dollar value.
The company's adjusted homebuilding gross margin percentage, excluding interest, was 25.8% in the third quarter of 2023. Homebuilding gross margin percentage in the third quarter 2023 was 24.6%. Selling, general, and administrative expenses as a percent of home sales revenues was 12.9% in the quarter. EBITDA for the third quarter 2023 was $125.3 million.
Company's Performance and Outlook
CCS's performance in the third quarter of 2023 was marked by sequential gains in deliveries, gross margins, and earnings. The company's deliveries of 2,264 homes increased on a sequential basis for the second quarter in a row, benefitting from continued improvements in cycle times.
Looking ahead, the company has increased its full year 2023 guidance for home deliveries to be in the range of 8,600 to 9,000 homes and home sales revenues to be in the range of $3.2 billion to $3.4 billion.
Balance Sheet and Liquidity
The Company ended the quarter with a strong financial position, including $2.3 billion of stockholders equity and $1.0 billion of total liquidity, including $245.6 million of cash. As of September 30, 2023, homebuilding debt to capital decreased to 30.8% from 36.3% at September 30, 2022.
Explore the complete 8-K earnings release (here) from Century Communities Inc for further details.
This article first appeared on GuruFocus.
