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Dec 31, 2023
Century Communities Q4 2023 Earnings Report
Century Communities reported an increase in net income and record deliveries for Q4 2023.
Key Takeaways
Century Communities reported a strong fourth quarter with record home deliveries and increased net income. The company's net income for Q4 2023 increased by 15% year-over-year to $91.3 million, or $2.83 per diluted share. Total revenues for the quarter were $1.2 billion. The company anticipates continued growth in 2024, projecting deliveries between 10,000 and 11,000 homes.
Net income increased 15% year-over-year to $91.3 million, or $2.83 per diluted share.
Adjusted net income was $94.5 million, or $2.93 per diluted share.
Total revenues reached $1.2 billion.
Deliveries of 3,157 homes marked a quarterly company record.
Century Communities
Century Communities
Forward Guidance
Century Communities anticipates continued strong demand for affordable new homes and expects to see further growth in community count.
Positive Outlook
- Deliveries are expected to be in the range of 10,000 to 11,000 homes for the full year 2024.
- Home sales revenues are projected to be in the range of $3.8 billion to $4.2 billion for the full year 2024.
- Continued strong demand for affordable new homes is expected.
- Cycle times are anticipated to be in line with historical levels.
- Further growth in community count is expected.
Challenges Ahead
- Adverse changes in general economic conditions, including increased interest rates, inflation, and employment levels.
- Potential impact of global supply chain disruptions, labor, land and raw material or other resource shortages and delays.
- Municipal and utility delays on the Company’s business, industry and the broader economy.
- The ability to identify and acquire desirable land.
- Availability and cost of financing.