Q3 2024 United Homes Group Inc Earnings Call Transcript
Key Points
- United Homes Group Inc (UHG) reported a 35% year-over-year increase in home sales revenue for the third quarter of 2024.
- The company achieved a 30% increase in new home deliveries compared to the previous year.
- UHG successfully integrated acquisitions of Rosewood and Creekside homes, expanding its market presence in Raleigh, North Carolina.
- The company maintained a steady cadence of orders through mortgage rate buydowns and other incentives, resulting in a 25% increase in homes sold over the prior year period.
- UHG's focus on affordable housing segments is aligned with market demand, with an average sales price of $320,000, one of the lowest among publicly traded homebuilders.
- United Homes Group Inc (UHG) reported a net loss of $7.3 million for the third quarter of 2024.
- The company's gross profit margin decreased to 18.9% from 19.8% in the third quarter of 2023, primarily due to higher sales incentives.
- Adjusted gross profit margin also decreased to 20.6% from 22.1% in the same period last year.
- SG&A expenses increased, with adjusted SG&A at 13.9% of revenues for the third quarter.
- The company continues to face challenges with higher costs of sales and the need to offer attractive sales incentives to homebuyers.
Good morning. My name is Amy, and I'll be your conference operator for today. At this time, I would like to welcome everyone to the United Homes Group's third-quarter 2024 earnings call. (Operator Instructions) I would like to now turn the call over to Erin Reeves McGinnis. You may begin.
Good morning, and welcome to United Homes Group's third-quarter of 2024 earnings call. Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the federal securities laws. United Homes Group cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These risks and uncertainties include, but are not limited to, the risk factors described by United Homes Group in filings with the Securities and Exchange Commission. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these
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