The following is a summary of the Century Communities, Inc. (CCS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Century Communities reported Q1 revenues at $949 million, reflecting a 26% increase year over year.
Adjusted diluted earnings per share for Q1 were $2.22, marking a significant 114% increase.
Net income for Q1 was $64.3 million representing a 93% rise year over year.
Q1 deliveries stood at 2,358 homes, showing a 23% increase from the same period of the previous year.
The company increased the quarterly cash dividend by 13% to $0.26 per share, repurchased stock worth $16.1 million, and grew the book value per share to a record $76.10.
Business Progress:
Century Communities expanded their market across all segments, notably in the Southeast and Mountain regions showing 86% and 84% gains respectively.
The company focused on delivering affordable homes, with 90% of Q1 deliveries priced below FHA limits.
The company ended Q1 with approximately 75,000 owned and controlled lots, a significant year-over-year increase of 46%.
Earning recognition as the highest-ranked homebuilder on Newsweek's list of America's Most Trustworthy Companies for two consecutive years indicates progressive business accomplishments.
The company plans to increase the community count throughout the year, particularly in the latter half. Despite a slump this quarter, the Century Complete brand is expected to regain previous levels.
More details: Century Communities IR
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