CCS +1.75 to 50.70 in pre-market after reporting a blowout quarter .... EPS of $2.72 versus estimates for $1.83, backlog up 66%. Trailing PE is a mere 8.3 .....
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Fourth Quarter 2020 Highlights Compared to Fourth Quarter 2019
Net income increased 72% to a Company record $91.8 million or $2.72 per diluted share
Home sales revenues increased 22% to a Company record $946.8 million
Deliveries grew to a Company record 2,826 homes, a 14% increase
Net new home contracts increased 45% to a fourth quarter record of 2,566 homes
Homes in backlog improved 66% to a fourth quarter record 3,439 homes valued at $1.3 billion
Pre-tax income improved 125% to a Company record $121.2 million
EBITDA increased 87% to a Company record $144.7 million
Net homebuilding debt to net capital improved to 27.2% from 45.2%
Quarter end total liquidity of $1.1 billion
Dale Francescon, Co-Chief Executive Officer, stated, “Our exceptional performance in the fourth quarter concludes an impressive year, reflecting our ongoing momentum and scale benefits, as we capitalized on vigorous housing market demand trends and achieved fourth quarter and full year records in many categories including net new contracts, home deliveries and home sales revenues, along with the highest quarterly and full year net income in our history. As we continue to increase the penetration within our high-growth markets, we expect to generate further operational efficiencies from our national platform which, coupled with robust price appreciation and continued demand, will drive top-line growth, expanded margins and increased profitability.”
Rob Francescon, Co-Chief Executive Officer, said, “We are confident our positive trajectory will continue as not only did our fourth quarter net new contracts increase 45% over last year but we have seen our sales pace accelerate, with December up 54% and January increasing 77%. We are solidly positioned with a backlog of 3,439 sold homes, an increase of 66%, along with nearly 50,000 owned and controlled lots which will support further increases in deliveries, contracts and community count across our Century Communities and Century Complete brands. We’ve substantially strengthened our balance sheet, further improved our cash position, reduced our net debt-to-net-capital ratio to 27% and are well positioned to generate even higher returns to our shareholders.”
