Century Communities Inc (CCS) has reported a 10.22 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $8.80 million, or $0.40 a share in the quarter, compared with $7.98 million, or $0.38 a share for the same period last year. Revenue during the quarter grew 24.02 percent to $228.32 million from $184.10 million in the previous year period.
Cost of revenue rose 25.41 percent or $37.33 million during the quarter to $184.22 million. Gross margin for the quarter contracted 89 basis points over the previous year period to 19.31 percent.
Total expenses were $217.43 million for the quarter, up 26.36 percent or $45.35 million from year-ago period. Operating margin for the quarter contracted 176 basis points over the previous year period to 4.77 percent.
Operating income for the quarter was $10.88 million, compared with $12.02 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $19.23 million compared with $17.04 million in the prior year period. At the same time, adjusted EBITDA margin contracted 83 basis points in the quarter to 8.42 percent from 9.25 percent in the last year period.
Century Communities forecasts revenue to be in the range of $1,000 million to $1,200 million for fiscal year 2017.
Dale Francescon, co-chief executive officer of the Company, stated, “During the first quarter of 2017 we grew net new contracts, deliveries, revenues and net income by double digit percentages, reflecting our ability to capitalize on our diverse and expanded scale. Our planned merger with UCP is an exciting next step for Century which will further augment our growth and the trajectory of our multi-market strategy while fueling even greater returns on equity as we combine our two highly complementary businesses.”
Real estate inventory stood at $884.07 million as on Mar. 31, 2017. Net receivables were at $7.04 million as on Mar. 31, 2017, down 59.07 percent or $10.16 million from year-ago. Accounts payable plunged 38.84 percent or $5.26 million to $8.28 million on Mar. 31, 2017.
Total assets grew 7.14 percent or $68.41 million to $1,026.03 million on Mar. 31, 2017. On the other hand, total liabilities were at $529.56 million as on Mar. 31, 2017, down 2.13 percent or $11.53 million from year-ago.
Return on assets moved up 2 basis points to 0.86 percent in the quarter. At the same time, return on equity moved down 14 basis points to 1.77 percent in the quarter.
Debt moves up
Total debt was at $447.95 million as on Mar. 31, 2017, up 7.93 percent or $32.90 million from year-ago. Shareholders equity stood at $496.46 million as on Mar. 31, 2017, up 19.19 percent or $79.94 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 0.90 percent in the quarter.
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