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M.D.C.
M.D.C. (MDC) investor relations material
M.D.C. has been acquired
M.D.C. Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary4 Nov, 2024
Executive summary
Net income for Q3 2024 rose 24% year-over-year to $133.5 million, driven by strong financial services performance and a lower effective tax rate; nine-month net income was $254.5 million, down 10% from the prior year due to higher SG&A and merger-related costs.
Home sale revenues increased 28% year-over-year in Q3 2024, with 2,539 homes delivered, while gross margin from home sales declined to 17.8% from 19.2% due to higher incentives and land costs.
The company completed a $4.9 billion merger with SH Residential Holdings, LLC in April 2024, resulting in delisting from the NYSE and significant transaction and executive compensation expenses.
Financial highlights
Q3 2024 home sale revenues: $1.39 billion (up 28% year-over-year); nine-month revenues: $4.12 billion (up 28%).
Q3 2024 net income: $133.5 million (up 24% year-over-year); nine-month net income: $254.5 million (down 10%).
Q3 2024 gross margin from home sales: 17.8% (down 140 bps year-over-year); nine-month gross margin: 17.8% (up 30 bps).
Financial services pretax income for Q3 2024: $27.9 million (up 125% year-over-year); nine-month pretax income: $68.2 million (up 33%).
Inventory impairments for Q3 2024: $6.3 million; nine-month impairments: $16.8 million (down from $27.5 million prior year).
Outlook and guidance
Management expects to navigate market volatility with a strong balance sheet, $1.10 billion in cash and marketable securities, and no senior note maturities until 2030.
Focus remains on building quick move-in inventory to meet demand and minimize cancellations, with a two- to three-year lot supply.
Future of SEC filings given voluntary status?
Financial impact of planned executive exits?
Spec home strategy: results and future focus?
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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Frequently asked questions
M.D.C. Holdings Inc. is a homebuilding and financial services company. It operates through its subsidiaries to design, build, and sell single-family homes, and also offers mortgage financing and insurance services to homebuyers. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.
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