Century Communities reports Q1 adjusted EPS $2.22, consensus $1.39

Reports Q1 revenue $948.5M, consensus $784.47M. “Our Q1 deliveries of 2,358 homes increased 23% versus the prior year quarter as we continued to see solid demand for affordable new homes, with our adjusted net income and net income increasing by 114% and 93%, respectively,” said CEO Dale Francescon. “Our Q1 net new contracts of 2,866 homes increased by 42% on a year-over-year basis and 22% quarter-over-quarter, with sequential increases in each month of the quarter. We increased our quarterly cash dividend by 13% to 26c per share and repurchased 186,887 shares of our common stock.” Co-CEO Rob Francescon said, “Our total lot inventory of 75,089 increased by 46% over the prior year with the higher lot count driven by gains in our controlled lots, which accounted for 58% of our total lots at the end of the first quarter. Our community count grew by 8% on a year-over-year basis to 253, a record for the Company. Even with the solid demand for new homes, we’ve had continued success in managing our costs and maintained our cycle times in the four-to-five-month timeframe. Our balance sheet remains strong with $2.4B in stockholders’ equity, $1.0B in liquidity and net homebuilding debt to net capital of 24.9%.”