CCS 36.50 - posted strong numbers:
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- Century Communities, Inc.(CCS) , a leading national homebuilder, today announced financial results for its second quarter ended June 30, 2020.
Second Quarter 2020 Highlights Compared to Second Quarter 2019
Adjusted net income increased 71% to a record $40.3 million or $1.21 per diluted share and net income increased 148% to a record $38.5 million or $1.15 per diluted share
Home sales revenues increased 23% to a record $747.4 million
Home deliveries grew to a Company record 2,480 homes or 26%
Net new home contracts increased 22% to a Company record 2,664 homes
Homes in backlog improved to 2,778 homes with a value of $962.8 million, a 23% increase
Adjusted EBITDA increased 50% to a record $74.0 million
Quarter end total liquidity of $860 million, including cash of $220 million
Net homebuilding debt to net capital improved to 37.5%
Dale Francescon, Co-Chief Executive Officer, stated, “We delivered a record second quarter including the highest sales, closings and absorptions in the company’s history while further expanding our profitability despite the ongoing challenges of the COVID-19 health crisis. Our impressive results are strong evidence of a robust homebuilding environment, supported by tight resale inventory and historically-low mortgage rates, and increased demand for our affordable, new homes. Based on the strength of our year-to-date results, we remain confident that positive, industry and company specific tailwinds will continue to fuel sales growth across our diverse, geographic footprint.”
Rob Francescon, Co-Chief Executive Officer, said, “With our record double-digit sales and closings in the second quarter, we continued to execute on our strategic goal of capturing an ever increasing share of entry-level homebuyer demand. We accomplished this task while reducing our net homebuilder debt to net capital ratio to 37.5% from 46.6% at the end of the first quarter, a 910 basis point improvement. We ended the quarter with a healthy backlog of 2,778 homes valued at $963 million dollars, a 23% year-over-year increase, as we continue to create long-term value