CCS My favorite home builder came out with record Q1 earnings and a nice beat 80c vs 64c estimate. Sales are also holding up well in April considering the shut down at only 10% below April 2019. Stock is up about 6% in early trading at $22.
3 month range is $9 to $39 so lots of volatility.
First Quarter 2020 Highlights Compared to First Quarter 2019
Adjusted net income increased 45% to a record $26.7 million or $0.80 per diluted share and net income increased 53% to a record $26.1 million or $0.78 per diluted share Home sales revenues increased to a record $572.7 million or 9% Home deliveries grew to a record 1,864 homes or 12% Net new home contracts increased 29% to a Company record 2,388 homes Homes in backlog improved 9% to 2,594 homes Adjusted EBITDA increased 28% to $51.8 million Quarter end total liquidity of $592 million, including cash of $473 million
Rob Francescon, Co-Chief Executive Officer, said, "Our team has taken extraordinary steps and displayed impressive ingenuity to enable Century to build, sell and close homes on a daily basis across our national footprint. Although the full impact of the virus remains uncertain, homebuyer demand has thus far held up better than expected in the second quarter. April net sales are trending to be down less than 10% compared to 2019 with both gross and net sales increasing each sequential week. Although we saw an increase in cancellations in March, they have since declined each week and our April cancellation rate is now consistent with our year to date average. We are very pleased with our ability to successfully adapt to this changing environment by quickly and effectively leveraging our vast array of virtual tools to provide buyers with a seamless digital homebuying, lending and closing experience. Although times of crisis certainly test the strength and capabilities of not only individuals but entire organizations, we could not be more impressed with our team's efforts and have the utmost confidence in our ability to move through this challenging period and grow our business over the long-term."
