Century Communities (CCS) Q4 2024 earnings summary

Executive summary

• Achieved record full-year 2024 home deliveries of 11,007, up 15% year-over-year, and a record community count of 322, up 28% year-over-year.

• Full year 2024 net income reached $333.8M ($10.40 per share), with adjusted net income at $355.1M ($11.06 per share), up 36% year-over-year.

• Revenues reached $4.4 billion in 2024, a 22% increase from 2019, with 22 consecutive years of profitability.

• Maintained a 100% spec home model, supporting quick move-in inventory and affordability, with 92% of deliveries priced below FHA limits.

• Completed and integrated acquisitions of Landmark Homes of Tennessee and Anglia Homes in 2024.

Financial highlights

• Q4 total revenues reached a quarterly record of $1.3B; full year revenues were $4.4B.

• Q4 pre-tax income was $135.2 million; net income was $102.7 million ($3.20 per diluted share), up 13% year-over-year.

• Q4 adjusted net income was $112 million ($3.49 per diluted share), up 18% year-over-year.

• Full year adjusted gross margin increased by 80 basis points to 23.3%.

• Book value per share reached a record $84.65, up 13% year-over-year.

Outlook and guidance

• 2025 home deliveries expected between 11,700 and 12,400; home sales revenues projected at $4.5B to $4.8B.

• Targeting annual delivery growth of 10% or more in 2025 and 2026.

• SG&A as a percent of home sales revenue expected to decline year-over-year in 2025.

• Full-year 2025 tax rate expected between 25% and 26%.

• Plans to deepen market share in existing markets and continue measured growth in community count.