#United States #Greenwood Village #financial results #Century Communities #homebuilding

Century Communities Sees Major Growth in 2024

Overview

Century Communities, Inc., a prominent name in the U.S. homebuilding sector, has recently disclosed its impressive financial outcomes for the fourth quarter and full year of 2024. With significant increases in both net income and home deliveries, the report showcases the company’s solid performance amidst a competitive market.

Fourth Quarter Highlights

For the fourth quarter ended December 31, 2024, Century Communities reported a net income of $102.7 million, equating to $3.20 per diluted share, marking a 13% year-over-year increase. Adjusted net income showed an even better growth trajectory, rising 18% to $112.0 million, or $3.49 per diluted share. This strong performance was supported by total revenues of $1.3 billion, a record for the company in a single quarter.

Deliveries during this quarter reached 3,198 homes, again setting a new quarterly record, while net new home contracts totaled 2,467. Notably, the average sales price for these homes was $389,800. The community count also saw a remarkable increase, now standing at 322 communities, up 28% from the previous year.

Full Year Achievements

Across the entire 2024 fiscal year, Century Communities achieved net income of $333.8 million, boosting its earnings to $10.40 per diluted share. Adjusted net income reached a substantial $355.1 million, or $11.06 per diluted share. The company delivered a total of 11,007 homes, which is a 15% increase year-over-year, solidifying its record in home deliveries. Full year revenues totaled $4.4 billion, with home sales revenues contributing $4.3 billion.

The gross margins also reflected a healthy growth, with the homebuilding gross margin at 21.5%, alongside an adjusted homebuilding gross margin increasing to 23.3%. Notably, net new home contracts for the year soared by 21%, reaching 10,676.

Strategic Highlights

Century Communities has also exhibited strategic growth and operational efficiency. The company has successfully increased its controlled lot inventory by 9% year-over-year, totaling 80,632 lots at year-end. Additionally, the balance sheet remains robust, with stockholders' equity reported at $2.6 billion and liquidity of $918 million available for investment and growth strategies.

The company’s management attributed these achievements to effective cost control measures and enhancements in fixed cost leverage, allowing for a 40 basis points reduction in selling, general, and administrative expenses as a percentage of home sales revenues.

Looking Ahead

As Century Communities gears up for the future, the outlook for 2025 appears promising. The company anticipates delivering between 11,700 and 12,400 homes, projecting home sales revenues between $4.5 and $4.8 billion.

The financial results were discussed in a conference call on January 29, 2025, where management provided insights into the company's growth and long-term strategies. The company remains committed to its mission of delivering quality homes while maintaining a solid financial foundation.

Conclusion

Century Communities, Inc. continues to set benchmarks in the homebuilding industry with impressive growth rates and strategic management. As it advances into 2025, the company is well-positioned to tackle the challenges of the real estate market while expanding its footprint.

For further details about Century Communities and its offerings, visit Century Communities' website.