Century Communities (CCS) Tops Q2 EPS by 13c, Sales Miss
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Century Communities (NYSE: CCS) reported Q2 EPS of $0.30, $0.13 better than the analyst estimate of $0.17. Revenue for the quarter came in at $79.9 million versus the consensus estimate of $82.97 million.
- Net income of $5.3 million, an increase of approximately 36%
- Total revenues of $79.9 million, an increase of 93.4%
- Home closings increased 57.1% to 198 homes
- Average sales price per home closed increased 19.2% to $391,000
- Homebuilding gross margin of $19.1 million, an increase of 79.6%
- Homebuilding gross margin percentage of 24.7%
- Adjusted homebuilding gross margin percentage of 25.3%
- SG&A as a percent of home sales revenues of 14.6%
- Operating income grew 28.4% to $8.2 million
- Net contracts increased 125.0% to 279 homes
- Homes in backlog increased 109.6% to 394 homes
- Average open communities doubled to 32
- In April 2014, acquired Las Vegas Land Holdings, LLC (“LVLH”) for approximately $165 million, expanding the Company’s position in the Las Vegas, Nevada market
- In May 2014, completed $200 million offering of senior notes due 2022, repaid all borrowings under $100 million credit facility
- In June 2014, completed initial public offering, raising net proceeds of approximately $82.1 million to the Company
- Ratio of net debt to net capital of 8.5% at June 30, 2014
For earnings history and earnings-related data on Century Communities (CCS) click here.
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