Century Communities (CCS) Tops Q2 EPS by 4c

July 30, 2019 4:21 PM EDT

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Century Communities (NYSE: CCS) reported Q2 EPS of $0.77, $0.04 better than the analyst estimate of $0.73. Revenue for the quarter came in at $608.6 million versus the consensus estimate of $574.53 million.

  • Adjusted net income of $23.6 million, or $0.77 per diluted share and net income of $15.5 million, or $0.51 per diluted share
  • Home sales revenues increased 17% to a second quarter record $608.6 million
  • Selling, general & administrative expense (“SG&A”) as a percent of home sales revenues of 12.4%
  • Home deliveries grew 42% to a second quarter record 1,967 homes
  • Net new home contracts increased 41% to a record 2,182 homes
  • Homes in backlog of 2,591 with a value of $784.2 million
  • Completed an offering of $500 million of 6.75% Senior Unsecured Notes due 2027 and extinguished $385 million of 6.875% Senior Unsecured Notes due 2022
  • Stockholders’ equity grew 12% to a record $897 million

Dale Francescon, Co-Chief Executive Officer, stated, “As the second quarter progressed, we experienced meaningful improvement in new contracts as lower interest rates and better affordability, a trend which has continued into July, bolstered buyer activity across nearly all markets within our national platform. We remain committed to driving further efficiencies throughout our operations and continuing to invest in attractive land opportunities to deepen our presence in existing markets. Our solid performance year-to-date combined with housing market momentum leaves us well situated to achieve our 2019 growth objectives.”

Rob Francescon, Co-Chief Executive Officer, said, “We are encouraged by the recent uptick in buyer traffic which resulted in a record 2,182 net new home contracts. During the quarter we opened new communities with appealing designs and amenities across all of our regions with a continued emphasis on the entry level price points. In our asset-light, Wade Jurney Homes business we experienced strong momentum during the quarter and expanded operations into Iowa and Michigan which represent the 16th and 17th states in our diversified footprint. With our strong balance sheet, attractive land positions and Wade Jurney Homes integration progressing as planned, we are pleased with the position of our Company.”

For earnings history and earnings-related data on Century Communities (CCS) click here.

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