What is Century Communities's gross profit margin?

Did Century Communities beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Century Communities year over year?

What is the market's earnings forecast for Century Communities next quarter?

What factors drove the changes in Century Communities's revenue and profit?

What were the key takeaways from Century Communities's earnings call?

What is Century Communities's latest dividend and current dividend yield?

What guidance did Century Communities's management provide for the next earnings period?

- **Operational Strength**: 3% YTD direct cost reduction, 115-day cycle times, and 20.1% gross margin despite 6% Q/Q contract decline.
- **Share Repurchases**: $20M in Q3, 6% YTD, at 23% discount to book value.
- **Strategic Growth**: 5% Y/Y community count expansion, 20% ARM penetration in financial services.
- **Profitability**: 12.6% SG&A ratio, $70M EBITDA, and 31.4% net debt/cap ratio.
- **Guidance**: 10,000-10,250 homes for 2025, with cautious Q4 outlook on incentives.

**【Management Opening Remarks】**
- Delivered 2,486 homes in Q3, hitting the high end of guidance, with adjusted homebuilding gross margin of 20.1% (up sequentially). 
- Repurchased $20M in shares, bringing year-to-date repurchases to 6% of outstanding shares.
- Despite muted demand due to economic uncertainty, management sees pent-up demand for affordable new homes.
- Maintained disciplined G&A control and refinanced debt at lower rates.

**【CEO Operational Update】**
- Direct construction costs down 3% YTD; cycle times improved to 115 days (1/3 of divisions under 100 days).
- Q3 net new contracts down 6% vs. prior quarter (better than historical 9% decline).
- Incentives on closed homes averaged 1,100bps (lower than expected 100bps increase), but expect 100bps increase in Q4.
- Ending community count up 5% Y/Y to 321, with 2025e growth in mid-single digits.
- Financial services ARMs now 20% of originations vs. <5% in Q1, driven by affordability benefits.

**【CFO Financial Results】**
- Q3 net income $37M ($1.25 EPS), up 10% vs. prior quarter; EBITDA $70M.
- Home sales $955M (-2% vs. prior quarter), with ASP $384K (+2% Q/Q).
- Adjusted gross margin 20.1% (vs. 20.0% prior quarter), driven by lower direct costs.
- SG&A as % of home sales 12.6% (vs. 13.0% full year target).
- Refinanced $500M debt at 6.625%, improving net debt/cap ratio to 31.4%.
- Full year guidance narrowed to 10,000-10,250 homes ($3.8-3.9B sales).

**【Q&A Highlights】**
- **Gross Margin**: Cost savings offset 50bps of incentive increases, but Q4 may see 100bps margin decline.
- **Community Growth**: 5% Y/Y ending count driven by existing market share gains (top 10 in 13/50 markets).
- **Consumer Behavior**: Cautious but desire for new homes; October orders stable vs. Q3.
- **Land Strategy**: Exiting non-core projects, maintaining 62,000 owned/control lots.
- **Tariffs**: No impact in 2025, but 2026 outlook uncertain.


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