Q1 2025 Century Communities Inc Earnings Call Transcript
Key Points
- Century Communities Inc (CCS) maintained relatively stable homebuilding gross margins of 20.1% despite economic headwinds.
- The company delivered 2,284 homes, only a 3% decline from the previous year, showcasing resilience in a challenging market.
- Century Communities Inc (CCS) has a strong land position with close to 80,000 owned and controlled lots, providing a solid foundation for future growth.
- The company was recognized on Newsweek's list of America's Most Trustworthy Companies for the third consecutive year.
- Century Communities Inc (CCS) increased its quarterly cash dividend by 12% to $0.29 per share, reflecting confidence in its financial stability.
- The absorption rate in the first quarter was weaker than expected due to economic uncertainty and interest rate volatility.
- Net new contracts declined by 6% compared to the previous year, indicating challenges in maintaining sales momentum.
- The company had to increase incentives on closed homes to approximately 900 basis points, impacting gross margins.
- Century Communities Inc (CCS) reduced its full-year home delivery guidance due to ongoing economic uncertainty and declining consumer confidence.
- The company made the difficult decision to rightsize its workforce and implement cost-saving programs due to a slower-than-expected spring selling season.
Good afternoon, ladies and gentlemen, and welcome to the Century Communities, Inc. first quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Tyler Langton, SVP of Investor Relations. Please go ahead.
Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the first quarter 2025. 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 on the heading Risk Factors in the company's latest 10-K as supplemented by our latest 10-Q and other SEC filings. We undertake no duty to update our forward
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