Century Communities (CCS) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 results with 2,834 home deliveries (up 25% year-over-year), $1.1 billion in home sales revenue (up 29%), and a record community count of 305 (up 21%), with strong growth in Texas, the Southeast, and Century Complete segments.

• Completed acquisitions of Anglia Homes and Landmark Homes in 2024, expanding presence in Texas, Tennessee, and the Southeast, and supporting a strategy of deepening market share through both acquisitions and organic growth.

• Operates as a top 10 national homebuilder in 18 states and 45+ markets, focusing on move-in ready, entry-level homes and a land-light strategy.

• Century Complete brand targets 100% entry-level buyers, representing 93% of total home deliveries in Q3 2024.

• Achieved 21 consecutive years of profitability, with a strong management team and robust balance sheet.

Financial highlights

• Q3 2024 net income was $83 million ($2.59 per diluted share); adjusted net income was $87 million ($2.72 per diluted share); adjusted EBITDA was $137.1 million.

• Home sale deliveries increased 25% year-over-year to 2,834; net new home contracts up 19% year-over-year.

• Adjusted homebuilding gross margin was 23.6%, slightly down from Q2 2024, mainly due to higher incentives.

• SG&A as a percent of home sales revenue declined to 11.9% from 12.9% a year ago.

• Book value per share reached $81.29, up 13% year-over-year and 185% since 2018; stockholders' equity ended at $2.5 billion.

Outlook and guidance

• Raised full-year 2024 guidance: deliveries expected between 10,900–11,300 homes and home sales revenue between $4.3–$4.4 billion.

• Anticipates delivery growth of 10% or more annually over the next few years, driven by increased lot and community count.

• Expects SG&A as a percent of revenue to continue declining in 2025.

• Average sales price for full-year 2024 expected to be approximately $390,000.

• Focus remains on monetizing near-term delivery homes, controlling direct costs, and measured growth in community count.