Century Communities, Inc. (CCS) Bundle
A Brief History of Century Communities, Inc.
Century Communities, Inc. (NYSE: CCS) has established itself as a prominent player in the homebuilding sector. As of 2024, the company continues to experience significant growth and expansion across various markets.
Recent Financial Performance
For the three months ended September 30, 2024, Century Communities reported total revenues of $1.136 billion, a 27.8% increase compared to $889 million for the same period in 2023. The nine-month revenue reached $3.125 billion, up 25.7% from $2.487 billion in the prior year.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $1,136,866 | $889,423 | $3,124,859 | $2,486,604 |
| Net Income | $83,020 | $83,150 | $231,075 | $167,906 |
| Earnings per Share (Diluted) | $2.59 | $2.58 | $7.19 | $5.21 |
Home Sales and Deliveries
The company delivered 2,834 homes in Q3 2024, an increase of 25.2% from 2,264 homes in Q3 2023. For the nine months ended September 30, 2024, home deliveries totaled 7,809, up from 6,411 in the same period last year. The average sales price of homes delivered in Q3 2024 was $393,800, compared to $382,100 in Q3 2023.
| Delivery Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Homes Delivered | 2,834 | 2,264 | 7,809 | 6,411 |
| Average Sales Price | $393,800 | $382,100 | $391,300 | $377,300 |
Net New Home Contracts
Century Communities reported net new home contracts of 2,563 for Q3 2024, representing a 19.3% increase from 2,149 in Q3 2023. For the nine months ended September 30, 2024, net new contracts increased by 26.5% to 8,209, compared to 6,488 in the prior year.
| Net New Home Contracts | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net New Contracts | 2,563 | 2,149 | 8,209 | 6,488 |
Market Expansion and Community Development
As of September 30, 2024, Century Communities operated 305 selling communities, up from 252 in the same period in 2023. This represents a 21.0% increase in community count, driven by a robust land pipeline and strategic acquisitions.
Financial Condition and Ratios
Century Communities reported total assets of $4.781 billion as of September 30, 2024, an increase of 15.5% from $4.139 billion at the end of 2023. The company’s net homebuilding debt to net capital ratio stood at 32.1%, compared to 22.4% at the end of 2023, indicating increased leverage as the company expands its operations.
| Financial Ratios | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $4,780,965 | $4,139,362 |
| Net Homebuilding Debt to Net Capital | 32.1% | 22.4% |
Dividend Payments
Century Communities has maintained a quarterly cash dividend of $0.26 per share, reflecting a 13% increase from $0.23 per share in the previous year. This demonstrates the company's commitment to returning value to shareholders while pursuing growth opportunities.
Overall, Century Communities, Inc. has shown robust financial growth and operational expansion as of 2024, driven by increased home deliveries, strategic community development, and a stable financial foundation.
A Who Owns Century Communities, Inc. (CCS)
Major Shareholders
As of September 30, 2024, the ownership structure of Century Communities, Inc. (CCS) is as follows:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 14,123,000 | 45.0% |
| Insider Ownership | 6,200,000 | 19.8% |
| Retail Investors | 10,977,000 | 35.2% |
| Total Shares Outstanding | 31,300,000 | 100% |
Board of Directors and Executive Management
The board of directors and executive management also hold significant shares. The following table summarizes the key figures:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Robert L. Francescon | CEO & Chairman | 2,500,000 | 8.0% |
| W. Michael McGowan | President | 1,200,000 | 3.8% |
| Other Executives | Various | 2,500,000 | 8.0% |
Recent Stock Performance
The stock performance of CCS has shown the following trends:
| Date | Closing Price | Market Capitalization |
|---|---|---|
| September 30, 2024 | $39.50 | $1.23 Billion |
| June 30, 2024 | $37.00 | $1.15 Billion |
| March 31, 2024 | $34.00 | $1.06 Billion |
Financial Overview
For the third quarter ending September 30, 2024, Century Communities reported the following financial data:
| Metric | Value |
|---|---|
| Total Revenue | $1.12 Billion |
| Net Income | $83.02 Million |
| Earnings per Share (EPS) | $2.65 |
| Total Assets | $4.78 Billion |
| Total Debt | $1.78 Billion |
Dividends
Century Communities has declared the following dividends in 2024:
| Declaration Date | Record Date | Paid Date | Dividend Per Share | Total Amount Paid |
|---|---|---|---|---|
| February 7, 2024 | February 28, 2024 | March 13, 2024 | $0.26 | $8.26 Million |
| May 15, 2024 | May 29, 2024 | June 12, 2024 | $0.26 | $8.22 Million |
| August 14, 2024 | August 28, 2024 | September 11, 2024 | $0.26 | $8.15 Million |
Conclusion
As of 2024, Century Communities, Inc. (CCS) has a diverse ownership structure comprising institutional investors, insiders, and retail investors, with a solid financial performance reflecting a healthy market position.
Century Communities, Inc. (CCS) Mission Statement
Century Communities, Inc. aims to deliver exceptional homes and create lasting value for its customers, shareholders, and communities through a commitment to quality, innovation, sustainability, and customer satisfaction. The company focuses on providing a diverse range of home styles and communities that cater to the needs of various buyers while maintaining a dedication to responsible building practices.
Financial Overview
As of September 30, 2024, Century Communities reported total revenues of $1.136 billion for the third quarter, an increase of 27.8% compared to $889.4 million in the same quarter of the previous year. For the nine months ended September 30, 2024, total revenues were $3.125 billion, up 25.7% from $2.487 billion year-on-year.
Earnings Performance
Net income for the three months ended September 30, 2024, was $83 million, or $2.59 per diluted share, compared to $83.2 million, or $2.58 per diluted share for the same period in 2023. For the nine months ended September 30, 2024, net income was $231.1 million, or $7.19 per diluted share, a significant increase from $167.9 million, or $5.21 per diluted share in 2023.
Home Sales and Deliveries
During the third quarter of 2024, Century Communities delivered 2,834 homes at an average sales price of $393,800, compared to 2,264 homes at an average price of $382,100 in the same quarter of 2023. For the first nine months, the company delivered 7,809 homes at an average sales price of $391,300, compared to 6,411 homes at $377,300 last year.
| Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Total Revenues | $1.136 billion | $889.4 million | 27.8% |
| Net Income | $83 million | $83.2 million | -0.2% |
| Homes Delivered | 2,834 | 2,264 | 25.2% |
| Average Sales Price | $393,800 | $382,100 | 3.1% |
Market Presence
As of September 30, 2024, Century Communities operated 305 selling communities, an increase of 21% from 252 communities in the same period last year. The company’s backlog included 1,580 homes with a total sales value of $671.4 million, reflecting a decrease of 16.3% from 1,887 homes valued at $707.2 million in 2023.
Financial Ratios
As of September 30, 2024, Century Communities had a homebuilding debt to capital ratio of 35.8% and a net homebuilding debt to net capital ratio of 32.1%. The company’s total assets increased to $4.781 billion, up 15.5% from $4.139 billion at the end of 2023.
| Financial Metric | Q3 2024 | Q4 2023 |
|---|---|---|
| Total Assets | $4.781 billion | $4.139 billion |
| Homebuilding Debt to Capital Ratio | 35.8% | 29.9% |
| Net Homebuilding Debt to Net Capital Ratio | 32.1% | 22.4% |
Dividends
Century Communities declared quarterly cash dividends of $0.26 per share in 2024, reflecting a 13% increase from $0.23 per share in 2023. Total dividends paid during the nine months ended September 30, 2024, amounted to approximately $24.6 million.
Conclusion
The mission statement of Century Communities, Inc. emphasizes a commitment to quality and customer satisfaction, supported by robust financial performance and strategic growth initiatives in the housing market, as evidenced by the latest operational and financial metrics.
How Century Communities, Inc. (CCS) Works
Business Model
Century Communities, Inc. is engaged in the development, design, construction, marketing, and sale of single-family attached and detached homes across 18 states. The company operates primarily through two segments: Homebuilding and Financial Services.
Homebuilding Segment
The homebuilding segment is responsible for the majority of revenues. For the three months ended September 30, 2024, Century Communities delivered 2,834 homes, up from 2,264 homes in the same period of 2023. The average sales price of homes delivered was $393.8 thousand, an increase from $382.1 thousand in the prior year.
| Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Homes Delivered | 2,834 | 2,264 |
| Average Sales Price ($ thousands) | 393.8 | 382.1 |
| Home Sales Revenues ($ thousands) | 1,116,125 | 865,065 |
| Income Before Income Tax Expense ($ thousands) | 109,912 | 111,999 |
Financial Performance
For the nine months ended September 30, 2024, the company reported total revenues of $3.1 billion, a 25.7% increase compared to $2.5 billion in the same period of 2023. The net income for the same period was $231.1 million, or $7.19 per diluted share, compared to $167.9 million, or $5.21 per diluted share in 2023.
| Metrics | 9M 2024 | 9M 2023 |
|---|---|---|
| Total Revenues ($ billions) | 3.1 | 2.5 |
| Net Income ($ millions) | 231.1 | 167.9 |
| Earnings Per Share (Diluted) | 7.19 | 5.21 |
Market Dynamics
Century Communities has seen a significant increase in net new home contracts, with 2,563 contracts in Q3 2024, representing a 19.3% increase from 2,149 contracts in Q3 2023. The backlog at the end of September 2024 was 1,580 homes with an aggregate sales value of $671.4 million.
| Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net New Home Contracts | 2,563 | 2,149 |
| Backlog (Number of Homes) | 1,580 | 1,887 |
| Aggregate Sales Value of Backlog ($ thousands) | 671,404 | 707,169 |
Financial Services Segment
The Financial Services segment provides mortgage origination primarily for Century Communities' homebuyers. In Q3 2024, the segment generated $3.1 million in income before income tax, a decrease of 74.8% from the previous year. The number of loans originated increased by 45.5%, totaling 1,862 loans for the quarter.
| Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Income Before Income Tax ($ millions) | 3.1 | 12.2 |
| Loans Originated | 1,862 | 1,280 |
| Principal of Loans Originated ($ thousands) | 663,789 | 443,829 |
Cost Structure
Century Communities reported a homebuilding gross margin of 21.7% for Q3 2024, down from 24.6% in Q3 2023. Selling, general, and administrative expenses for the quarter were $133.0 million, representing 11.9% of home sales revenue.
| Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Homebuilding Gross Margin (%) | 21.7% | 24.6% |
| Selling, General, and Administrative Expenses ($ millions) | 132.97 | 111.92 |
| SG&A as % of Home Sales Revenue | 11.9% | 12.9% |
Debt and Equity Position
As of September 30, 2024, Century Communities had a total homebuilding debt of $1.42 billion and total stockholders' equity of $2.55 billion, resulting in a homebuilding debt to capital ratio of 35.8% and a net homebuilding debt to net capital ratio of 32.1%.
| Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Homebuilding Debt ($ billions) | 1.42 | 1.02 |
| Total Stockholders' Equity ($ billions) | 2.55 | 2.39 |
| Homebuilding Debt to Capital (%) | 35.8% | 29.9% |
| Net Homebuilding Debt to Net Capital (%) | 32.1% | 22.4% |
Cash Flow Analysis
For the nine months ended September 30, 2024, the company reported net cash used in operating activities of $174 million, compared to net cash provided by operating activities of $33 million in the prior year. Net cash used in investing activities was $277.7 million, significantly higher than $74.6 million in 2023.
| Metrics | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Cash Used in Operating Activities ($ millions) | (174) | 33 |
| Net Cash Used in Investing Activities ($ millions) | (277.7) | (74.6) |
| Net Cash Provided by Financing Activities ($ millions) | 388.6 | (56.8) |
How Century Communities, Inc. (CCS) Makes Money
Revenue Streams
Century Communities, Inc. (CCS) generates revenue primarily through the homebuilding segment, which includes the sale of single-family homes and multi-family developments. The company also earns revenue from its financial services segment, which originates mortgages for homebuyers.
Homebuilding Segment
For the three months ended September 30, 2024, Century Communities delivered 2,834 homes with an average sales price of $393.8 thousand, resulting in total home sales revenues of $1.1 billion. This represented an increase of 27.8% compared to the same period in 2023, where revenues were $889.4 million.
| Segment | Homes Delivered | Average Sales Price ($) | Home Sales Revenues ($ million) | Income Before Tax ($ million) |
|---|---|---|---|---|
| West | 363 | 662.9 | 240.645 | 35.222 |
| Mountain | 513 | 528.4 | 271.049 | 31.770 |
| Texas | 530 | 300.9 | 159.459 | 14.682 |
| Southeast | 427 | 421.9 | 180.137 | 27.218 |
| Century Complete | 1,001 | 264.6 | 264.835 | 34.056 |
For the nine months ended September 30, 2024, Century Communities delivered 7,809 homes with an average sales price of $391.3 thousand, leading to total home sales revenues of $3.1 billion. This was a 25.7% increase from $2.5 billion in the same period of 2023.
Financial Services Segment
The Financial Services segment of Century Communities provides mortgage origination services to homebuyers. In Q3 2024, this segment generated $3.1 million in income before income tax, a decrease of 74.8% from the prior year. The number of mortgages originated increased by 45.5% in the same quarter, totaling 1,862 loans with a principal amount of $663.8 million.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Loans Originated | 1,862 | 1,280 |
| Principal Amount ($ million) | 663.8 | 443.8 |
| Capture Rate (%) | 84 | 71 |
Cost Structure
For the three months ended September 30, 2024, the cost of home sales revenues was $873.1 million, resulting in a homebuilding gross margin of 21.7%. For the nine months ended September 30, 2024, the gross margin improved to 21.9% compared to 21.0% in the prior year.
Net New Home Contracts
Net new home contracts for Q3 2024 increased by 19.3% to 2,563 contracts, with a total of 8,209 contracts for the nine months ended September 30, 2024, reflecting a 26.5% increase from the prior year.
| Period | Net New Home Contracts | Change (%) |
|---|---|---|
| Q3 2024 | 2,563 | 19.3 |
| 9M 2024 | 8,209 | 26.5 |
Financial Performance
As of September 30, 2024, Century Communities reported a net income of $83.0 million for Q3 and $231.1 million for the nine months, translating to diluted earnings per share of $2.59 and $7.19, respectively. This was a slight decrease in Q3 compared to $83.2 million in 2023, but a significant increase for the nine-month period from $167.9 million in 2023.
Debt and Capital Structure
Century Communities had a homebuilding debt to capital ratio of 35.8% as of September 30, 2024, with total homebuilding debt of $1.42 billion. The net homebuilding debt to net capital ratio stood at 32.1%.
| Metric | Value |
|---|---|
| Total Homebuilding Debt ($ million) | 1,422.6 |
| Homebuilding Debt to Capital (%) | 35.8 |
| Net Homebuilding Debt to Net Capital (%) | 32.1 |
Century Communities continues to expand its lot inventory, reporting 80,121 lots owned and controlled as of September 30, 2024, an increase from 73,720 lots at the end of 2023.
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Article updated on 8 Nov 2024
Resources:
- Century Communities, Inc. (CCS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Century Communities, Inc. (CCS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Century Communities, Inc. (CCS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.