Q3 2024 Century Communities Inc Earnings Call Transcript
Key Points
- Century Communities Inc (CCS) achieved a record community count of 305, marking a 21% year-over-year increase.
- Deliveries of 2,834 homes in the third quarter set a new record, with a 25% increase compared to the previous year.
- Home sales revenues reached $1.1 billion, reflecting a 29% year-over-year growth.
- The company completed two acquisitions in 2024, enhancing its market position, particularly in Houston.
- Century Communities Inc (CCS) maintained a strong financial position with $2.5 billion in stockholders' equity and no senior debt maturities until 2027.
- Incentives on new orders increased to approximately 800 basis points, indicating a need to maintain sales levels amid rising mortgage rates.
- The company's net debt to net capital ratio increased to 32.1%, up from 28.1% in the previous quarter, primarily due to acquisitions.
- Revenues from financial services decreased to $20.1 million from $23.6 million in the prior year quarter, impacted by a competitive mortgage market.
- Purchase price accounting reduced the third quarter gross margin by 30 basis points, with similar impacts expected in the fourth quarter.
- Orders in October moderated from September levels, attributed to seasonal factors and increased mortgage rates.
Greetings. Welcome to Century Communities third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I will now turn the conference over to Tyler Langton, Senior Vice President of Investor Relations for Century Communities. Thank you. You may begin.
Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the third quarter of 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 statements.
Certain of these risks and uncertainties can be found under the heading Risk Factors in the company's latest 10-K as supplemented by our latest 10-Q and other
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