Century Communities (CCS) Tops Q2 EPS by 8c
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Century Communities (NYSE: CCS) reported Q2 EPS of $0.62, $0.08 better than the analyst estimate of $0.54. Revenue for the quarter came in at $257.2 million versus the consensus estimate of $216.29 million.
“We delivered second quarter results in accordance with our plan with double-digit gains in home deliveries, revenues, new contracts and backlog value. We’re pleased with this progress and the balanced contribution to our success from all of our major markets during the quarter,” stated Dale Francescon, Co-Chief Executive Officer of the Company. “We increased adjusted gross margin by 36%, which more than offset additional SG&A investment to support our growth initiatives. We enter the second half of 2016 with an optimistic growth outlook and we remain confident in our ability to accomplish our full year goals.”
“During the second quarter, we experienced an overall higher level of activity with ten new community openings helping us capture additional traffic in our neighborhoods,” said Rob Francescon, Co-Chief Executive Officer of the Company. “The number of new contracts rose in every region, with Nevada nearly doubling. Even with the 21% increase in deliveries and strong revenue growth, our backlog continued to expand. Most of our markets are experiencing favorable homebuilding conditions and interest rates remain near record lows. These positive factors support a favorable backdrop for continued execution of our effective growth strategy.”
For earnings history and earnings-related data on Century Communities (CCS) click here.
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