M.D.C. Holdings reports Q3 EPS $1.40, consensus $1.20

Reports Q3 revenue $1.09B, consensus $1.13B. Reports Q3 unit deliveries 1,968. Reports Q3 average selling price of deliveries $552,000. “MDC delivered another quarter of strong profitability, generating net income of $107.3 million, or $1.40 per diluted share for the third quarter of 2023,” said MDC’s executive chairman, Larry Mizel. “Home sale revenues were $1.09 billion on new home deliveries of 1,968 at an average sales price of $552,000. Gross margin from home sales improved 280 basis points from the second quarter of 2023 to 19.2%, while SG&A as a percent of home sale revenues improved on both a sequential and year-over-year basis to 9.3%. These results further demonstrate our ability to deliver solid profitability in a high interest rate environment.”