Century Communities reports Q2 EPS $1.60, consensus 97c

Reports Q2 revenue $844.2M, consensus $721.37M. Book value per share of $69.39 as of June 30. “We are pleased with the strong sequential gains across our business including substantial increases in net new home contracts, starts, deliveries and gross margins,” said Dale Francescon, Chairman and Co-Chief Executive Officer. “Our deliveries of 2,235 homes increased 17% quarter-over-quarter and increases in our starts to 3,041 homes will lead to higher deliveries in the second half of 2023 compared to first half levels. Our adjusted homebuilding gross margin improved 140 basis points to 21.0% from first quarter 2023 levels, and we expect to generate higher gross margins sequentially in both the Q3 and Q4 of the year due to improvements in direct construction costs, reduced incentives and shorter cycle times.”