Century Communities, Inc. (CCS) Bundle
An Overview of Century Communities, Inc. (CCS)
General Summary of Century Communities, Inc. (CCS)
Century Communities, Inc. (CCS) was founded in 2000 and has grown into a prominent homebuilder in the United States. The company is engaged in the development, design, construction, marketing, and sale of single-family attached and detached homes across 18 states. As of 2024, CCS has established itself as a significant player in the residential construction industry, offering a range of products and services that cater to diverse customer needs.
In 2024, Century Communities reported total revenues of $3.1 billion for the nine months ended September 30, a 25.7% increase from the previous year. The company's sales performance was bolstered by delivering 7,809 homes with an average sales price of $391,300.
Company's Financial Performance in the Latest Financial Reports
For the third quarter of 2024, Century Communities generated total revenues of $1.1 billion, reflecting a year-over-year increase of 27.8%. The net income for the quarter was $83 million, or $2.59 per diluted share. The nine-month financial performance showed net income of $231 million, or $7.19 per diluted share, compared to $167.9 million, or $5.21 per diluted share in the same period of 2023.
The company reported a significant increase in the number of homes delivered, with 2,834 homes delivered in Q3 2024, up from 2,264 homes in Q3 2023. The average sales price of homes delivered also increased to $393,800 from $382,100 during the same period.
Net new contracts increased by 19.3% for Q3 2024, totaling 2,563 contracts, while the nine-month figure grew by 26.5% to 8,209 contracts. Additionally, Century Communities ended the third quarter with a total of 80,121 lots owned and controlled, indicating robust growth in its land pipeline.
Introduction to Century Communities as an Industry Leader
Century Communities, Inc. is recognized as a leader in the homebuilding industry, noted for its innovative approach to residential construction and its commitment to quality. The company's strategic expansions, including acquisitions such as Anglia, have enhanced its market presence, particularly in the Texas region, where it has seen a 76.2% increase in selling communities.
With a strong focus on customer satisfaction and operational efficiency, Century Communities continues to set itself apart in the competitive landscape of homebuilding. The company's dedication to increasing its lot pipeline and its ability to adapt to market changes are key factors in its ongoing success. To understand more about why Century Communities has achieved such strong performance, further insights can be explored below.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $1.1 billion | $865.1 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% |
| Net New Contracts | 2,563 | 2,149 | 19.3% |
| Total Lots Owned and Controlled | 80,121 | 68,570 | 16.5% |
Mission Statement of Century Communities, Inc. (CCS)
Mission Statement Overview
Century Communities, Inc. (CCS) is committed to delivering high-quality homes and exceptional customer service. The mission statement of CCS encapsulates the company’s dedication to excellence, innovation, and community engagement, guiding its long-term goals and operational strategies. As of 2024, this mission is pivotal in navigating the dynamic landscape of the homebuilding industry.
Core Component 1: Quality
At the heart of Century Communities' mission is a steadfast commitment to quality. The company prioritizes the construction of homes that not only meet but exceed industry standards. This focus on quality is reflected in the financial performance metrics, with total revenues reaching $3.1 billion for the nine months ending September 30, 2024, an increase of 25.7% year-over-year. The average sales price for homes delivered increased to $391,300, showcasing the premium nature of its offerings.
Core Component 2: Innovation
Innovation is another cornerstone of CCS's mission. The company continuously seeks to implement the latest technologies and design practices in its homebuilding processes. This commitment to innovation has contributed to a 21.7% gross margin percentage for homebuilding in the third quarter of 2024, down from 24.6% in the previous year, indicating a strategic adaptation to market conditions while maintaining operational efficiency.
Core Component 3: Community Engagement
Century Communities also emphasizes community engagement as a vital component of its mission. The company actively participates in local initiatives and aims to create neighborhoods that foster strong community ties. As of September 30, 2024, CCS controlled 80,121 lots, a strategic increase from 73,720 lots at the end of 2023, demonstrating its commitment to expanding its footprint in desirable markets.
| Financial Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Total Revenues | $1.1 billion | $865 million | 27.8% |
| Net Income | $83 million | $83 million | -0.2% |
| Average Sales Price | $393,800 | $382,100 | 3.1% |
| Homes Delivered | 2,834 | 2,264 | 25.2% |
| Net New Home Contracts | 2,563 | 2,149 | 19.3% |
In summary, the mission statement of Century Communities, Inc. reflects a robust framework guiding its operational strategies and long-term objectives. The emphasis on quality, innovation, and community engagement not only drives financial performance but also solidifies the company's reputation in the homebuilding industry.
Vision Statement of Century Communities, Inc. (CCS)
Vision Statement Overview
As of 2024, Century Communities, Inc. (CCS) envisions being a leader in the homebuilding industry by focusing on innovative designs, sustainable practices, and customer-centric services. The company aims to create vibrant communities that enhance the quality of life for residents.
Innovative Designs
CCS is committed to delivering innovative housing solutions that reflect modern living preferences. The average sales price of homes delivered in the nine months ending September 30, 2024, was $391.3 thousand, up from $377.3 thousand in the same period of 2023, indicating a focus on higher-value properties.
Sustainable Practices
The company integrates sustainability into its building practices. As of September 30, 2024, CCS controlled 80,121 lots, a significant increase from 68,570 lots at the end of 2023, demonstrating a strategic approach to land management. This increase supports its vision of sustainable community development.
Customer-Centric Services
CCS aims to enhance customer experience through tailored services. In the nine months ending September 30, 2024, net new home contracts increased by 26.5% year-over-year, reflecting improved demand driven by customer satisfaction.
Financial Performance Metrics
| Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Total Revenues | $1.1 billion | $865.1 million | 27.8% |
| Net Income | $83 million | $83.2 million | -0.2% |
| Homes Delivered | 2,834 | 2,264 | 25.2% |
| Average Sales Price | $393.8 thousand | $382.1 thousand | 3.1% |
| Net New Contracts | 2,563 | 2,149 | 19.3% |
Strategic Community Development
CCS's vision includes strategic community development through increasing its selling communities. As of September 30, 2024, the total number of selling communities increased to 305, up from 252 in the previous year, representing a 21.0% growth.
Commitment to Quality
The company emphasizes quality in construction and customer service. The adjusted homebuilding gross margin percentage for the nine months ending September 30, 2024, was 23.5%, indicating a commitment to maintaining high standards while managing costs effectively.
Core Values of Century Communities, Inc. (CCS)
Integrity
Integrity is a core value at Century Communities, Inc. (CCS), emphasizing the importance of honesty and transparency in all business dealings. This commitment to integrity is reflected in CCS's adherence to ethical business practices, ensuring that all stakeholders are treated fairly.
In 2024, CCS reinforced its integrity through various initiatives, including a comprehensive code of conduct training for all employees. This program aims to instill a strong ethical framework within the company, ensuring that employees understand the importance of integrity in their daily operations. Additionally, CCS has established a whistleblower policy, allowing employees to report unethical behavior without fear of retaliation.
Customer Focus
Customer focus is another vital core value for CCS, driving the company to prioritize the needs and satisfaction of its homebuyers. In 2024, CCS launched several customer-centric initiatives, including enhanced customer service training programs for employees and the implementation of a customer feedback system to gather insights on homebuyer experiences.
As part of its commitment to customer focus, CCS reported delivering 7,809 homes in the nine months ended September 30, 2024, reflecting a 21.8% increase compared to the previous year. The average sales price of homes delivered was $391,300, representing a 3.7% increase year-over-year, which indicates the company's ability to meet customer demand while maintaining quality.
Innovation
Innovation is crucial for CCS as it seeks to maintain a competitive edge in the homebuilding industry. In 2024, the company invested significantly in new technologies and sustainable building practices. CCS has adopted energy-efficient building techniques and materials, enhancing the sustainability of its homes and reducing environmental impact.
Financially, these innovations are supported by CCS's robust performance, with total revenues reaching $3.1 billion for the nine months ended September 30, 2024, a 25.7% increase from the previous year. This growth can be attributed to the company's focus on innovative designs and sustainable practices that appeal to modern homebuyers.
Collaboration
Collaboration is a core value that reinforces teamwork and partnership within CCS. The company fosters an inclusive culture where employees, subcontractors, and stakeholders work together to achieve common goals. In 2024, CCS emphasized collaboration through cross-departmental projects aimed at improving operational efficiency and enhancing the homebuilding process.
As evidence of successful collaboration, CCS reported a 19.3% increase in net new home contracts for the three months ended September 30, 2024, with a total of 2,563 contracts signed. This growth reflects the effectiveness of collaborative efforts across various teams to streamline processes and improve customer satisfaction.
Community Engagement
Community engagement is integral to CCS's mission, as the company actively participates in local initiatives and supports charitable organizations. In 2024, CCS launched a community outreach program aimed at enhancing local infrastructure and providing housing assistance to families in need.
Financially, CCS demonstrated its commitment to community engagement by allocating $2 million towards various charitable initiatives and local partnerships throughout the year. This investment not only strengthens community ties but also enhances the company's reputation as a responsible corporate citizen.
| Core Value | Initiatives | 2024 Performance Indicators |
|---|---|---|
| Integrity | Code of conduct training, whistleblower policy | Maintained transparency in operations |
| Customer Focus | Enhanced customer service training, feedback system | 7,809 homes delivered; average sales price: $391,300 |
| Innovation | Investment in energy-efficient practices | $3.1 billion in total revenues |
| Collaboration | Cross-departmental projects | 2,563 net new home contracts |
| Community Engagement | Community outreach program | $2 million in charitable initiatives |
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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.