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The run of strong earnings for public builders continued with NVR, Century Communities, M/I Homes, and Beazer Homes reporting quarterly results.

In a week where Meritage Homes and PulteGroup highlighted record full-year results, Century Communities and M/I Homes also reported record results for 2024. NVR, the fourth largest company on the 2024 Builder 100 list, saw 2024 closings and earnings grow by double digits.

Beazer Homes, which reported its first quarter results for fiscal 2025, reported year-over-year growth in both orders and closings and grew community count by 20%.

NVR

NVR generated fourth quarter profit of $457.4 million, or $139.93 per share, and grew closings by 16% in the fiscal fourth quarter. The builder’s quarterly orders dropped by 8% to 4,794 and cancellation rate grew by 40 basis points to 17%.

For the full fiscal year, NVR reported profit of $1.68 billion, an increase of 6%, and profits per share of $506.69, an increase of 9% compared to 2023. Full-year orders in 2024 increased 4% to 22,560 while closings increased 11% to 22,836. At year’s end, NVR had a backlog of 9,953 units representing a dollar value of $4.79 billion.

Century Communities

A record level of fourth quarter deliveries helped drive a full-year company record level of deliveries and net new contracts for Century Communities.

“Our fourth quarter deliveries of 3,198 homes were a quarterly record for the company and a 13% sequential increase,” said executive chairman Dale Francescon. “For the full year 2024, we delivered 11,007 homes, a company record and a 15% increase versus the prior year, while our net new home contracts increased 21% year-over-year to 10,676.”

Century Communities posted fourth quarter profit of $102.7 million, or $3.20 per share, and full-year profit of $333.8 million, or $10.40 per share, both significantly higher than the fourth quarter 2023 and the full-year 2023 profit figures. The builder generated $1.3 billion in quarterly revenue on 3,198 deliveries and $4.4 billion in revenues for the full year on 11,007 homes. The average sales price of home deliveries in the full year 2024 for Century Communities was $390,900, up 3.8% from $376,700 in the full year 2023.

“Our total lot inventory of 80,632 increased by 9% on a year-over-year basis, with our controlled lots accounting for 56% of our total lots at the end of the fourth quarter,” said president and CEO Rob Francescon. “Our community count grew by 28% on a year-over-year basis to 322, a record for the company.”

M/I Homes

“We had an outstanding 2024 highlighted by all-time records in homes delivered, revenue, and income,” said M/I Homes president and CEO Robert Schottenstein. “Our homes delivered increased 12% to 9,055, generating revenue of $4.5 billion—a 12% increase over 2023.”

M/I Homes generated profit of $133.5 million, or $4.71 per share, in the fourth quarter, up significantly from profit of $105.3 million, or $3.66 per share, for the fourth quarter of 2023. For the full year 2024, profit increased 21.1% to $563.7 while profits per share increased 21.6% to $19.71.

The builder delivered 2,402 homes—an all-time quarterly record—and generated 1,759 new contracts in the fiscal fourth quarter. Homes in backlog decreased 16% from the end of 2023 to 2,531 units, with a sales value of $1.4 billion.

Beazer Homes

For the fiscal first quarter for Beazer Homes, ended Dec. 31, 2024, the home builder reported profit of $3.1 million, or $0.10 per share. The company generated net new orders of 932 in the period, up 13.2% from the prior-year quarter, driven by a 17.8% increase in average community count. Beazer’s cancellation rate in the fiscal first quarter was 16.5%, down from 19.0% in the first quarter of 2024.

“Despite a challenging new home sales environment, we had a productive first quarter and made progress toward our full year and multi-year goals,” said Allan Merrill, chairman and CEO at Beazer Homes. “Net new orders and closings increased year-over-year, supported by a 20% higher community count. We also grew our total lot position by about 10% versus the prior year, primarily through options, positioning us for further community count growth in the years ahead.”

At the end of the period, Beazer Homes had 1,507 units in backlog, down from 1,791 in the same period a year ago.

“Our community count growth, delivering, and Zero Energy Ready goals are all within sight,” Merrill said. “We expect to end fiscal year 2025 with approximately 180 active communities, with control of the land necessary to reach 200 active communities by the end of fiscal year 2026. With 98% of our home starts in the first quarter being built to Zero Energy Ready standards and only four communities remaining with legacy product, we expect 100% of our starts will be Zero Energy Ready by December 2025.”