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Mar 31, 2024
Century Communities Q1 2024 Earnings Report
Century Communities' first quarter 2024 results increased, driven by solid demand and effective cost management.
Key Takeaways
Century Communities reported a strong first quarter in 2024, marked by a 23% increase in home deliveries and significant growth in net income and adjusted net income, driven by solid demand for affordable new homes and effective cost management. Total revenues reached $948.5 million, and the company increased its community count to a record 253.
Home deliveries increased by 23% year-over-year to 2,358 homes.
Net income rose by 93% year-over-year to $64.3 million, or $2.00 per diluted share.
Adjusted net income increased by 114% year-over-year to $71.4 million, or $2.22 per diluted share.
Net new home contracts increased by 42% year-over-year to 2,866 homes.
Century Communities
Century Communities
Century Communities Revenue by Segment
Century Communities Revenue by Geographic Location
Revenue by Segment
Home Sales Revenue
CapyFin.comLand Sales Revenue
CapyFin.comFinancial Services Revenue
CapyFin.comRevenue by Geographic Location
West Revenue
CapyFin.comMountain Revenue
CapyFin.comTexas Revenue
CapyFin.comSoutheast Revenue
CapyFin.comCentury Complete Revenue
CapyFin.com Forward Guidance
Century Communities anticipates growth in community count and deliveries for the full year 2024. They expect deliveries to be in the range of 10,000 to 11,000 homes and home sales revenues to be in the range of $3.8 billion to $4.2 billion.
Positive Outlook
- Solid demand across the national footprint.
- Successful management of costs.
- Successful management of cycle times.
- Growth in community count year-over-year.
- Increase deliveries year-over-year.
Challenges Ahead
- Adverse changes in general economic conditions.
- Increased interest rates.
- Inflation.
- Employment levels.
- Global supply chain disruptions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income