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Dec 31, 2022
Century Communities Q4 2022 Earnings Report
Reported solid results with record home sales revenues and strong operating cash flow.
Key Takeaways
Century Communities reported fourth-quarter results with total revenues of $1.2 billion. Net income was $79.5 million, or $2.47 per diluted share. The company delivered 2,903 homes and reduced its net leverage ratio to 23.5%.
Net income was $79.5 million, or $2.47 per diluted share.
Adjusted net income was $87.3 million, or $2.71 per diluted share.
Total revenues were $1.2 billion.
Deliveries totaled 2,903 homes.
Forward Guidance
For the full year 2023, the company expects home deliveries to be in the range of 7,000 to 8,000 homes and home sales revenues to be in the range of $2.6 billion to $3.1 billion.
Positive Outlook
- Mortgage rates are stabilizing.
- Input costs are receding.
- Homebuyer traffic on sites is increasing.
- Spec-based model and focus on entry-level homes positions the company well.
- Flexibility of operating model allows reduction of controlled lot inventory and land spend commitments.
Challenges Ahead
- High degree of uncertainty in the homebuilding industry.
- High degree of uncertainty in the economy in general.
- Higher interest rates have weighed on new home sales.
- Overall economic uncertainty have weighed on new home sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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