Century Communities, Inc. reported significant financial performance for the third quarter and the nine months ended September 30, 2024, reflecting a robust increase in revenues and net income compared to the same periods in 2023. Total revenues for Q3 2024 reached $1,136.9 million, a 27.8% increase from $889.4 million in Q3 2023. Home sales revenues also surged to $1,116.1 million, up from $865.1 million year-over-year. For the nine months ended September 30, 2024, total revenues amounted to $3,124.9 million, compared to $2,486.6 million in the prior year, driven by a 26.5% increase in net new home contracts.
Net income for Q3 2024 was $83.0 million, slightly down from $83.2 million in Q3 2023, while net income for the nine months increased by 37.6% to $231.1 million from $167.9 million in the previous year. Basic earnings per share for Q3 2024 rose to $2.65 from $2.60, and for the nine months, it increased to $7.31 from $5.25.
The company’s total assets grew to $4.8 billion as of September 30, 2024, up from $4.1 billion at the end of 2023, while total liabilities increased to $2.2 billion from $1.8 billion. Stockholders' equity also rose to $2.5 billion, compared to $2.4 billion at year-end 2023.
Strategically, Century Communities made two significant acquisitions in 2024: Landmark Homes of Tennessee, Inc. for approximately $33.4 million and Anglia Homes LP for about $127.0 million. These acquisitions contributed to the company’s growth, with home sales revenue from Anglia amounting to $20.3 million for the three and nine months ended September 30, 2024.
The company reported net cash used in operating activities of $174.0 million for the nine months ended September 30, 2024, a shift from net cash provided of $33.0 million in the same period in 2023. This was attributed to increased investments in land and home construction, as well as the acquisitions. Conversely, net cash provided by financing activities surged to $388.6 million, compared to net cash used of $56.8 million in the prior year, primarily due to increased borrowings under the revolving credit facility.
Overall, Century Communities demonstrated strong operational performance amid challenging market conditions, with increased home deliveries and a favorable market environment contributing to its growth trajectory.
About Century Communities, Inc.
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