CCS · Century Communities, Inc. Q2 FY2026 earnings call record财报电话会记录

“We delivered strong second quarter results despite continued headwinds from macro challenges and weak consumer sentiment.”

“Our land acquisition and development spend continues to be supportive of increased scale and allow for a 10% annual delivery growth over the next several year period once market conditions improve.”

“During the second quarter, we continued our balanced approach to capital allocation and repurchased 1% of our shares outstanding at a 38% discount to book value, bringing our year-to-date acquisition total to 3% at a 32% discount to book value.”

“Our net orders of 2,615 homes increased 3% year-over-year and 10% sequentially, with the majority of this increase being driven by improved absorption rates.”

“Our traffic in the second quarter was roughly 9% higher than first quarter levels, while our traffic in June was 18% higher than April levels, demonstrating the solid demand and interest for new homes.”

“In the second quarter, adjustable rate mortgages accounted for nearly 35% of the mortgages that we originated by volume of principal, a further increase from first quarter 2026 levels of approximately 30% and well above first quarter 2025 levels of less than 5%.”

“In 2026, we continue to expect our land acquisition and development expense to be in the range of $1 billion-$1.2 billion.”

“Our second quarter 2026 GAAP home building gross margin of 18.1% and adjusted gross margin of 20%, both increased by 30 basis points over first quarter 2026 levels.”

“For the third quarter 2026, we expect the most significant driver of our adjusted home building gross margin to continue to be incentives needed to generate an acceptable sales pace, which as Rob noted earlier, we currently expect to be consistent with levels experienced in the first half of this year.”

“Assuming the midpoint of our full year 2026 home sales revenue guidance, we expect our SGA as a percent of home sales revenue to be roughly 14% for the full year 2026, with SGA as a percentage of home sales revenue of 13.5% for the third quarter.”

“During the quarter, we maintained our quarterly cash dividend of $0.32 per share and repurchased 353,000 shares of our common stock for $20 million at an average share price of $55.54, or a 38% discount to our book value per share of $90.24 as of the end of the second quarter.”

“We are raising the midpoint and low end of our full year 2026 home delivery guidance and now expect our deliveries to range from 9,750-10,500 homes, and our home sales revenues to be in the range of $3.5 billion-$3.8 billion.”