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Sep 30, 2022
Century Communities Q3 2022 Earnings Report
Reported record earnings and increased revenue driven by home deliveries and price appreciation.
Key Takeaways
Century Communities reported a record third quarter with net income increasing by 27% to $144.5 million, or $4.44 per diluted share. Total revenues also increased by 19% to $1.1 billion. The company delivered 2,630 homes, a 13% increase year over year. Return on equity improved by 270 basis points to 33.2%.
Net income increased 27% to $144.5 million, or $4.44 per diluted share, both third quarter records.
Total revenues increased 19% to a third quarter record $1.1 billion.
Deliveries of 2,630 homes, a 13% increase and third quarter record.
Return on equity improved by 270 basis points to 33.2%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Given the continued industry-wide slowdown in current activity, we are reducing our full year home delivery guidance to 10,000 to 10,500 homes and home sales revenues to $4.2-4.4 billion. Given our decision to deliberately delay new community openings, we now expect our year end selling communities to be below our previous guidance of 240-250.
Positive Outlook
- Focusing on projects that meet stringent investment criteria
- Continuing to see demand for homes with near-term completions
- Matching starts with sales
- Adjusting product offering towards more affordably priced homes
- Taking steps to reduce costs
Challenges Ahead
- Industry-wide slowdown in current activity
- Reducing full year home delivery guidance to 10,000 to 10,500 homes
- Reducing home sales revenues guidance to $4.2-4.4 billion
- Deliberately delaying new community openings
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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