Century Communities reports Q2 adjusted EPS $2.65, consensus $2.46

Reports Q2 revenue $1.0B, consensus $1.03B. “We continued to see solid demand for affordable new homes in Q2, with our net new contracts of 2,780 homes increasing by 20% versus the prior year quarter,” said Dale Francescon, co-CEO. “Q2 deliveries of 2,617 homes and home sales revenues of $1.0B increased by 17% and 24%, respectively, on a year-over-year basis. We generated an adjusted homebuilding gross margin of 24% in the quarter, an increase of 300 basis points versus Q2 2023 levels, and adjusted net income of $85.2M, or $2.65 per diluted share, increased by 66% on a year-over-year basis. Finally, I am pleased to announce that Century’s Board of Directors appointed Scott Dixon as CFO, and the entire management team wants to congratulate Scott on his well-deserved promotion.” Co-CEO Rob Francescon said, “Our total lot inventory of 78,097 increased by 35% over the prior year with the higher lot count driven by gains in our controlled lots, which accounted for 58% of our total lots at the end of the second quarter…Our balance sheet remains strong with $2.5 billion in stockholders’ equity and $841M in liquidity, and, during Q2, we repurchased 464,980 shares of our common stock for $37M at an average share price of $79.61. Given the strong performance we have experienced through the first half of the year, we have increased our full year 2024 guidance for home deliveries to be in the range of 10,700 to 11,300 homes and our home sales revenues to be in the range of $4.2B-$4.4B.”