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Mar 31, 2023
Century Communities Q1 2023 Earnings Report
Century Communities reported first quarter results with deliveries of 1,912 homes and total revenue of $753.0 million.
Key Takeaways
Century Communities reported a net income of $33.3 million, or $1.04 per diluted share, on total revenues of $753.0 million. The company delivered 1,912 homes and increased its community count to a record 234. Increased 2023 guidance for deliveries and home sales revenues.
Net income of $33.3 million, or $1.04 per diluted share
Total revenues of $753.0 million
Deliveries of 1,912 homes
Community count increased to a record 234
Revenue by Segment
Forward Guidance
Century Communities is increasing its full year 2023 guidance for home deliveries to be in the range of 7,250 to 8,250 homes and home sales revenues to be in the range of $2.7 billion to $3.2 billion.
Positive Outlook
- Increased home starts throughout the first quarter
- Expect to generate higher gross margins in the second half of the year compared to the first
- Sales activity improvement in the first quarter
- Spec-based model and focus on entry-level homes positions them well
- Ability to increase community count to a range of 250-260 communities by year end
Challenges Ahead
- Potential impact of global supply chain disruptions
- Labor, land and raw material or other resource shortages and delays
- Municipal and utility delays
- Threatened U.S. sovereign debt default on the Company’s business, industry and the broader economy
Historical Earnings Impact
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Avg. Return Before/After Earnings
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