Shares of Century Communities (NYSE: CCS), a leading national homebuilder, jumped 13% Friday morning as investors digested the company’s record fourth-quarter and full-year 2020 results.
Net income jumped 72% to a company record $91.8 million, or $2.72 per diluted share. Home-sales revenue increased 22% for another best-ever figure of $946.8 million. Net new-home contracts increased 45% (also a fourth-quarter all-time high), and homes in backlog increased 66% to 3,439, a value of roughly $1.3 billion.
The strong results were enough for Wedbush analyst Jay McCanless to upgrade the stock from neutral to outperform, with his price target jumping from $48 to $64.