Q2 2024 Century Communities Inc Earnings Call Transcript
Key Points
- Century Communities Inc (CCS) reported a 17% year-over-year increase in home deliveries, totaling 2,617 homes.
- Home sales revenues reached $1 billion, marking a 24% year-over-year increase.
- Adjusted earnings per diluted share rose by 66% year-over-year to $2.65.
- Net new contracts increased by 20% year-over-year, with significant growth in the West and Texas regions.
- The company achieved a record community count of 266, with plans to increase to 275-285 by year-end 2024.
- Incentives on new orders increased to approximately 700 basis points due to rising mortgage rates.
- Financial services profitability declined despite flat revenues, driven by increased costs and lower gain on sale margins.
- The average sales price of $389,000, while competitive, is among the lowest of publicly traded homebuilders, potentially impacting margins.
- The company experienced a sequential increase in net homebuilding debt to net capital ratio, rising to 28.1% from 24.9%.
- Resale inventory in some markets, such as Southwest Florida, has increased, posing potential competition.
Greetings, everyone, and welcome to Century Communities second quarter 2024 earnings conference call. (Operator Instructions) Also note, today's event is being recorded.
At this time, I'd like to turn the floor over to Tyler Langton, Senior Vice President of Investor Relations for Century Communities. Sir, you may begin.
Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the second quarter from 2024. Before the call begins, I would like to remind everyone that certain statements made during this call may constitute forward-looking statements.
These statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described or implied in the forward-looking statement.
Certain of these risks and uncertainties can be found under the heading Risk Factors in the Company's latest 10-K as
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