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M.D.C. HOLDINGS ANNOUNCES FIRST QUARTER 2023 RESULTS
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PR Newswire
DENVER, May 2, 2023
DENVER, May 2, 2023 /PRNewswire/ -- M.D.C Holdings, Inc. (NYSE: MDC), one of the nation's leading homebuilders, announced results for the quarter ended March 31, 2023.
"2023 is off to a great start," said MDC's Executive Chairman, Larry A. Mizel, "thanks to a combination of improved market conditions and strategic pricing initiatives, we have seen a rebound in homebuying activity to start the year. Net new orders in the first quarter increased significantly relative to the fourth quarter of 2022, as buyers returned to the market for the start of the spring selling season. Order momentum built as the quarter progressed, and we saw order totals increase on a sequential basis each month."
Mr. Mizel continued, "It was also a successful quarter from a delivery standpoint, as we closed 1,851 homes for the three-month period, well ahead of our stated guidance. Our teams did an excellent job overcoming supply chain obstacles and municipal delays to close homes in backlog in a timely manner. We also benefited from having more specs available for sale during the quarter, which led to an increase in quick move-in closings."
Mr. Mizel concluded, "We reported $81 million in net income for the first quarter, or $1.08 per diluted share. We also generated significant cash flow from operations, which boosted our cash and marketable securities balance at the end of the quarter to over $1.6 billion. We believe this puts us in a great position to continue our disciplined approach to growth while simultaneously funding our industry-leading dividend payout of $2.00 per share on an annualized basis."
"We continue to see several favorable fundamental and demographic trends in our markets driving new home demand," said David Mandarich, MDC's President and Chief Executive Officer. "Existing home inventory, which serves as competition for the new home market, remains scarce in most of our markets. Employment trends have been resilient, giving potential buyers the stable income and confidence needed to purchase a new home. In addition, many of the markets in which we build are seeing outsized growth, thanks to an influx of jobs and high-wage earners from other parts of the country. These industry positives, coupled with our more affordable product focus and strong balance sheet, give me confidence in the long-term outlook for MDC."
2023 First Quarter Highlights and Comparisons to 2022 First Quarter
| • | Home sale revenues of $1.02 billion compared to $1.24 billion | |
| | ◦ | Unit deliveries of 1,851 vs. 2,233 |
| | ◦ | Average selling price of deliveries of $551,000 vs. $556,000 |
| • | Homebuilding pretax income of $91.0 million compared to $188.5 million | |
| | ◦ | Gross margin from home sales of 16.8% vs. 25.7% |
| | ◦ | Inventory impairments of $7.8 million vs. $0.6 million |
| | ◦ | Selling, general and administrative expenses as a percentage of home sale revenues ("SG&A rate") of 9.3% vs. 10.4% |
| • | Financial services pretax income of $18.0 million compared to $13.4 million | |
| • | Net income of $80.7 million, or $1.08 per diluted share, compared to $148.4 million, or $2.02 per diluted share | |
| | ◦ | Effective tax rate of 25.9% vs 26.5% |
| • | Dollar value of net new orders of $957.3 million compared to $1.84 billion | |
| | ◦ | Unit gross orders of 2,520 vs. 3,781 |
| | ◦ | Cancellations as a percentage gross sales of 29.9% vs. 16.7% |
| | ◦ | Unit net orders of 1,767 vs. 3,151 |
| • | Cash flow from operating activities of $426.2 million compared to $118.1 million | |
2023 Outlook and Other Selected Information1
| • | Projected home deliveries for the 2023 second quarter between 1,600 and 1,700 | |
| | ◦ | Projected average selling price for 2023 second quarter unit deliveries of approximately $550,000 |
| | ◦ | Projected gross margin from home sales for the 2023 second quarter of approximately 17.0% (assuming no impairments or warranty adjustments) |
| • | Active subdivision count at March 31, 2023 of 236, up 18% year-over-year | |
| • | Lots controlled of 22,942 at March 31, 2023, down 39% year-over-year | |
| • | Quarterly cash dividend of fifty cents ($0.50) per share declared on April 17, 2023 | |
| | ◦ | Consistent record of stable or increasing dividends for nearly 30 years |
| | | |
| 1 See "Forward-Looking Statements" below. | ||
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have helped more than 230,000 homebuyers achieve the American Dream since 1977. One of the largest homebuilders in the nation, MDC is committed to quality and value that is reflected in each home its subsidiaries build. The Richmond American companies have operations in Alabama, Arizona, California, Colorado, Florida, Idaho, Maryland, Nevada, New Mexico, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia and Washington. Mortgage lending, insurance and title services are offered by the following MDC subsidiaries, respectively: HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company. M.D.C. Holdings, Inc. stock is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including any statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of MDC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of MDC's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican Mortgage Corporation's sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by MDC in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including orders addressing the COVID-19 pandemic, the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factors over which MDC has little or no control. Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's Form 10-Q for the quarter ended March 31, 2023, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. MDC undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.
| M.D.C. HOLDINGS, INC. Consolidated Statements of Operations and Comprehensive Income (Unaudited) | |||
| | |||
| | Three Months Ended | ||
| | 2023 | | 2022 |
| | | | |
| | (Dollars in thousands, except per share amounts) | ||
| Homebuilding: | | | |
| Home sale revenues | $ 1,020,016 | | $ 1,240,520 |
| Home cost of sales | (840,747) | | (921,378) |
| Inventory impairments | (7,800) | | (660) |
| Total cost of sales | (848,547) | | (922,038) |
| Gross profit | 171,469 | | 318,482 |
| Selling, general and administrative expenses | (94,988) | | (129,314) |
| Interest and other income | 13,459 | | 755 |
| Other expense | 1,059 | | (1,424) |
| Homebuilding pretax income | 90,999 | | 188,499 |
| | | | |
| Financial Services: | | | |
| Revenues | 29,486 | | 29,131 |
| Expenses | (15,250) Werbung Mehr Nachrichten zur MDC Holdings Aktie kostenlos abonnieren
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