Q4 2024 Century Communities Inc Earnings Call Transcript
Key Points
- Century Communities Inc (CCS) achieved record deliveries of 11,007 homes in 2024, a 15% increase year over year.
- The company set a new record with a community count of 322, marking a 28% increase from the previous year.
- Adjusted net income for the full year increased by 36%, with a fourth-quarter rise of 18%.
- Century Communities Inc (CCS) successfully reduced SG&A as a percentage of wholesale revenues by 40 basis points.
- The company repurchased over 3% of its outstanding shares and increased its quarterly dividend by 30% in 2024.
- The average sales price remained flat at approximately $390,000, indicating potential challenges in increasing home prices.
- Incentives on new orders increased to approximately 900 basis points in the fourth quarter, reflecting pressure to maintain sales pace amid elevated mortgage rates.
- The first quarter of 2025 is expected to see a sequential decline in deliveries due to typical seasonality.
- Homebuilding gross margin decreased to 20.6% in the fourth quarter, down from 21.7% in the prior quarter.
- The company anticipates a potential impact on gross margins from mortgage rates and incentive levels in the near term.
Greetings. Welcome to Century Communities fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded.
I would now like to turn the conference over to Tyler Langton, Senior Vice President of Investor Relations for Century Communities. Thank you. You may begin.
Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the fourth quarter and full year 2024.
Before the call begins, I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. These statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described or implied in the forward-looking statements.
Certain of these risks and uncertainties can be found under the heading Risk Factors in the company's latest
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