Century Communities, Inc. (CCS) has reported 14.55 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $15.07 million, or $0.71 a share in the quarter, compared with $13.16 million, or $0.62 a share for the same period last year. Revenue during the quarter surged 44.13 percent to $297.29 million from $206.26 million in the previous year period.
Cost of revenue surged 46.68 percent or $76.70 million during the quarter to $241.02 million. Gross margin for the quarter contracted 141 basis points over the previous year period to 18.93 percent.
Total expenses were $275.74 million for the quarter, up 48.05 percent or $89.49 million from year-ago period. Operating margin for the quarter contracted 246 basis points over the previous year period to 7.25 percent.
Operating income for the quarter was $21.55 million, compared with $20.02 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $30.88 million compared with $24.79 million in the prior year period. At the same time, adjusted EBITDA margin contracted 163 basis points in the quarter to 10.39 percent from 12.02 percent in the last year period.
Century Communities, Inc. expects revenue to be in the range of $1,000 million to $1,200 million for financial year 2017.
"Record full year earnings of $2.33 per share represents an exciting milestone for our rapidly growing company," stated Dale Francescon, Co-chief executive officer of the Company. "Our healthy pace of activity continued through the fourth quarter with an increase of 25% in net new home contracts. This progress included a 43% increase in home sales revenue on the strength of deliveries up 26% and ASP rising 13% as a direct result of our diversified product offerings throughout our carefully selected markets. Our period over period growth has all been realized organically from our existing or start-up operations. We are pleased to enter full year 2017 with record backlog value, up 12% from the prior year and confident in our ability to deliver another year of record earnings."
Real estate inventory rose 5.89 percent or $47.75 million to $857.88 million on Dec. 31, 2016. Net receivables were at $5.73 million as on Dec. 31, 2016, up 9.31 percent or $0.49 million from year-ago. Accounts payable surged 43.23 percent or $4.74 million to $15.71 million on Dec. 31, 2016.
Total assets grew 9.78 percent or $89.79 million to $1,007.53 million on Dec. 31, 2016. On the other hand, total liabilities were at $533.89 million as on Dec. 31, 2016, up 5.04 percent or $25.63 million from year-ago.
Return on assets moved up 6 basis points to 1.50 percent in the quarter. At the same time, return on equity moved down 3 basis points to 3.18 percent in the quarter.
Debt moves up
Total debt was at $454.09 million as on Dec. 31, 2016, up 16.36 percent or $63.85 million from year-ago. Shareholders equity stood at $473.64 million as on Dec. 31, 2016, up 15.67 percent or $64.16 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 0.96 percent in the quarter.
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