Century Communities, Inc. (NYSE:CCS) Q2 2023 Earnings Conference Call July 26, 2023 5:00 PM ET
Company Participants
Tyler Langton - SVP, IR
Dale Francescon - Chairman and Co-CEO
Rob Francescon - President and Co-CEO
Dave Messenger - CFO
Conference Call Participants
Alex Rygiel - B. Riley FBR
Carl Reichardt - BTIG
Jay McCanless - Wedbush Securities
Alan Ratner - Zelman & Associates
Andrew Hassen - JPMorgan
Operator
Greetings. Welcome to Century Communities' Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.
I will now like to turn the conference over to Tyler Langton, Senior Vice President of Investor Relations for Century Communities. Thank you. You may begin.
Tyler Langton
Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the second quarter 2023. Before the call begins, I would like to remind everyone that certain statements made during this call may constitute forward-looking statements.
These statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described or implied in the forward-looking statements.
Certain of these risks and uncertainties can be found in the heading Risk Factors in the company's latest 10-K, as supplemented by our latest 10-Q and other SEC filings. We undertake no duty to update our forward-looking statements.
Additionally, certain non-GAAP financial measures will be discussed on this conference call. The company's presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.
Hosting the call today are Dale Francescon, Chairman and Co-Chief Executive Officer; Rob Francescon, Co-Chief Executive Officer and President; and David Messenger, Chief Financial Officer. Following today's prepared remarks, we'll open-up line for questions.
With that, I'll turn the call over to Dale.
A - Dale Francescon
Thank you, Tyler and good afternoon everyone. In the second quarter, we experienced strong sequential gains across our business, including substantial increases in net orders, deliveries, starts, and gross margins. We generated $69 million in pretax income, $51 million in net income, diluted earnings per share of $1.60, and $80 million of EBITDA.
Strong underlying demand for affordably priced homes, a scarcity of existing homes on the market, and consumers adjusting to higher interest rates are all contributing to and increasing new home sales.