Apr. 23 at 9:18 PM
$CCS Century Communities reports Q1 adjusted EPS
$1.36 vs.
$2.22 last year
Reports Q1 revenue
$903.2M, consensus
$912.42M. "Over the past few months, we have seen an increase in economic uncertainty, interest rate volatility and decline in consumer confidence, which have contributed to a slower than typical spring selling season," said Dale Francescon, Executive Chairman. "Despite the market headwinds, we recorded 2,692 net new home contracts, delivered 2,284 homes and generated a homebuilding gross margin of 20.1% excluding purchase price accounting, which eased by only 80 basis points on a sequential basis".
CEO Rob Francescon said, "Our community count grew by 26% on a year-over-year basis to 318. Our land pipeline of owned and controlled lots is well positioned to both support our growth plans over the next several years and to mitigate risk, with our controlled lots accounting for 55% of our total lots. Our balance sheet remains strong with
$2.6B of stockholders' equity and
$788M of liquidity, and our book value per share of
$84.41 increased by 11% on a year-over-year basis. In Q1, we repurchased 753,337 shares of our common stock for
$55.6M and increased our quarterly cash dividend to 29c per share."
