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Century Communities (CCS) Boosts Presence in Sherrills Ford, NC
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Century Communities, Inc. (CCS - Free Report) introduced its first home collections at Waterstone in Sherrills Ford, boosting its presence at this highly-desirable location.
Nestled by the Lake Norman, the lakefront home collection offers three-story luxury townhomes with convenient access to Charlotte via Highways 150 and 16. These townhomes feature front-load and alley-load garages and designer-selected features like LVP flooring, granite countertops and stainless-steel appliances. The company is planning to introduce a new collection of condominiums in the fall.
Emphasis on Expansions
Century Communities continues to focus on increasing its community count. In the first quarter of 2023, the community count increased to a company record of 234 communities, reflecting an increase of 19% from the prior-year quarter’s level of 197. The upside can be attributed to a decline in direct cost, solid margins and returns from the new communities.
The company witnessed solid growth in the Texas and Southeast markets, driven by the relative affordability, strong employment rates and continuous population expansion despite the recent economic slowdown. Given the extent of existing land pipeline, the company expects a 20-25% year-over-year growth in community count by the end of 2023, with a potential range of 250-260 communities.
During the first quarter of 2023, the company reported 2,022 net new contract homes, up 61% compared with the previous quarter’s levels. The upside was backed by solid demand in both February and March. As of Mar 31, 2023, the company's backlog consists of 1,920 sold homes valued at $714 million. The company anticipates the starts in the second quarter of 2023 to be higher than the first quarter, with a view of sequential improvement in home deliveries in the third and the fourth quarter.
Image Source: Zacks Investment Research
Shares of Century Communities have increased 16.5% in the past three months compared with the industry’s rise of 21%.
Zacks Rank & Key Picks
Century Communities currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the Zacks Construction sector are:
The Zacks Consensus Estimate for DY’s 2024 sales and EPS indicates a rise of 8.3% and 41%, respectively, from the year-ago period’s levels.
Martin Marietta Materials, Inc. (MLM - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 31%, on average. Shares of MLM have increased 41% in the past year.
The Zacks Consensus Estimate for MLM’s 2023 sales and EPS indicates a rise of 19% and 33.1%, respectively, from the year-ago period’s levels.
Vulcan Materials Company (VMC - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of VMC have increased 43.3% in the past year.
The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates a rise of 5.9% and 27.6%, respectively, from the year-ago period’s levels.
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Century Communities (CCS) Boosts Presence in Sherrills Ford, NC
Century Communities, Inc. (CCS - Free Report) introduced its first home collections at Waterstone in Sherrills Ford, boosting its presence at this highly-desirable location.
Nestled by the Lake Norman, the lakefront home collection offers three-story luxury townhomes with convenient access to Charlotte via Highways 150 and 16. These townhomes feature front-load and alley-load garages and designer-selected features like LVP flooring, granite countertops and stainless-steel appliances. The company is planning to introduce a new collection of condominiums in the fall.
Emphasis on Expansions
Century Communities continues to focus on increasing its community count. In the first quarter of 2023, the community count increased to a company record of 234 communities, reflecting an increase of 19% from the prior-year quarter’s level of 197. The upside can be attributed to a decline in direct cost, solid margins and returns from the new communities.
The company witnessed solid growth in the Texas and Southeast markets, driven by the relative affordability, strong employment rates and continuous population expansion despite the recent economic slowdown. Given the extent of existing land pipeline, the company expects a 20-25% year-over-year growth in community count by the end of 2023, with a potential range of 250-260 communities.
During the first quarter of 2023, the company reported 2,022 net new contract homes, up 61% compared with the previous quarter’s levels. The upside was backed by solid demand in both February and March. As of Mar 31, 2023, the company's backlog consists of 1,920 sold homes valued at $714 million. The company anticipates the starts in the second quarter of 2023 to be higher than the first quarter, with a view of sequential improvement in home deliveries in the third and the fourth quarter.
Image Source: Zacks Investment Research
Shares of Century Communities have increased 16.5% in the past three months compared with the industry’s rise of 21%.
Zacks Rank & Key Picks
Century Communities currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the Zacks Construction sector are:
Dycom Industries, Inc. (DY - Free Report) carries a Zacks Rank #1 (Strong Buy). DY has a trailing four-quarter earnings surprise of 153.7%, on average. Shares of DY have gained 18.9% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DY’s 2024 sales and EPS indicates a rise of 8.3% and 41%, respectively, from the year-ago period’s levels.
Martin Marietta Materials, Inc. (MLM - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 31%, on average. Shares of MLM have increased 41% in the past year.
The Zacks Consensus Estimate for MLM’s 2023 sales and EPS indicates a rise of 19% and 33.1%, respectively, from the year-ago period’s levels.
Vulcan Materials Company (VMC - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of VMC have increased 43.3% in the past year.
The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates a rise of 5.9% and 27.6%, respectively, from the year-ago period’s levels.